Hyundai Glovis Co., the logistics arm of South Korea’s Hyundai Motor Group, has officially entered the liquefied natural gas (LNG) transportation sector. The company announced the acquisition of its first LNG carrier, the Woodside Scarlet Ibis, a 174,000 cubic-meter vessel built by HD Hyundai Samho Co. and chartered by Australia’s Woodside Energy Group.
The vessel, named after the national bird of Trinidad and Tobago, will make its inaugural call at Woodside’s Pluto LNG terminal in Western Australia. The naming ceremony took place last week at HD Hyundai Samho’s shipyard in southern Korea, marking a significant milestone for Hyundai Glovis.
The Woodside Scarlet Ibis is part of a 10-year charter agreement signed in April 2022 between Hyundai Glovis and Woodside, with an option for an additional five years. The carrier, which can hold up to half of Korea’s daily LNG consumption, is 292 meters long, surpassing the height of Korea’s 63 Building.
Historically focused on the transportation of vehicles for Hyundai Motor Co. and Kia Corp., as well as clients like Volkswagen AG, Hyundai Glovis is diversifying its portfolio. This move aligns with global carbon neutrality initiatives, pushing the company into the natural gas sector, including LNG, liquefied petroleum gas (LPG), and ammonia.
In March, Hyundai Glovis expanded its capabilities by purchasing three LPG carriers and forming a consortium with Japan’s Kawasaki Kisen Kaisha Ltd. to secure a long-term LNG transportation contract with Qatar Energy. Currently, Hyundai Glovis operates 87 car and truck carriers, 10 bulk carriers, and 10 tankers, in addition to 52 logistics centers in Korea and 96 distribution bases worldwide.
Natural gas transportation demands advanced technology, as LNG must be kept at minus 162 degrees Celsius during transit. Analysts highlight the growth potential of this sector due to increasing demand for low-emission energy sources. Goldman Sachs Research forecasts an 80% increase in global LNG supplies by 2030.
“Our focus will be on securing maritime transportation for LNG, hydrogen, and ammonia, which are future energy sources,” stated a Hyundai Glovis official.
