SK Gas struck a marine fuel supply agreement with Hyundai Glovis, marking another step in South Korea’s gradual shift toward cleaner shipping fuels as international regulations tighten.
The energy supplier’s subsidiary Eco Marine Fuel Solution will provide liquefied natural gas to Hyundai Glovis’s dual-fuel car carriers operating from southeastern ports including Ulsan, Busan and Gwangyang. The companies signed the contract on September 4, according to SK Gas.
Hyundai Glovis, the logistics arm of Hyundai Motor Group, has committed to expanding its LNG-powered fleet to more than 30 vessels by 2028 as the International Maritime Organization targets carbon neutrality by 2050. The car carrier operator currently runs five LNG dual-fuel ships and has billions in orders pending for additional vessels.
SK Gas projects domestic LNG bunkering demand could grow from several hundred thousand tonnes annually to over one million tonnes, though the timeline remains unclear. The company operates Korea Energy Terminal, the country’s largest dedicated bunkering facility in Ulsan, through a joint venture with Korea National Oil Corporation.
The partnership follows SK Gas’s broader push into marine fuels as traditional energy companies seek growth opportunities in cleaner alternatives. However, LNG still produces carbon emissions and serves primarily as a transitional fuel while the industry develops hydrogen and ammonia technologies.
Maritime operators face mounting pressure to reduce emissions, with enhanced regulations taking effect globally over the next decade.
