Hyundai Glovis Co., is adding liquefied natural gas (LNG) to its line of shipping category in joint venture with global energy company Woodside Energy, reports Pulse.
Hyundai Glovis signed a long-term contract for LNG shipping with Woodside on Tuesday to carry LNG produced in Australia to Northeast Asia. The signing ceremony was attended by both Hyundai Glovis CEO Kim Jung-hoon and Woodside CEO Meg O`Neill.
Hyundai Glovis is the first shipping company in Asia to sign a contract with Woodside. The contract period is 15 years with the option of extending the contract by 15 more years.
LNG supply chain
Hyundai Glovis plans to build an optimal LNG supply chain based on its shipping capabilities and Woodside’s energy developing capabilities. It will also work with Woodside to develop ways to use hydrogen for maritime shipping by applying LNG shipping methods to hydrogen shipping. Hydrogen can only be transported when it is liquefied at temperatures below -253 degrees Celsius.
The company also signed a deal with the world’s third-largest physical trading and logistics business Trafigura last year to ship ammonia and LPG from 2024.
Did you subscribe to our daily Newsletter?
It’s Free! Click here to Subscribe