Hyundai Glovis to ship LNG for Australian energy company

Hyundai Glovis CEO Kim Jung-hoon, left, and Woodside CEO Meg O'Neill pose for a photo after signing a deal on Tuesday. [HYUNDAI GLOVIS]

Hyundai Glovis will ship liquefied natural gas (LNG) for energy company Woodside, with further plans to ship hydrogen gas made by the company.

The company announced on Tuesday that the deal signed with Perth-based Woodside is a 10-year contract, with an option to extend it for another five years. How much the deal was worth was not disclosed by the company.

It is the only Asian company to have signed a transportation deal with Woodside.

Woodside was founded in 1954 and produces oil and gas. The company is the biggest LNG producer in Australia and responsible for 5 percent of the world’s LNG production.

Hyundai Glovis will be shipping LNG produced in Australia to various countries in Northeast Asia starting in the second half of 2024. To transport the orders, it will build a new ship which is expected to be delivered in the second half of 2024.

The company is also discussing transporting hydrogen gas produced by Woodside. Woodside is the only foreign company part of the Hydrogen Energy Network consortium, which plans to build hydrogen refueling stations in Korea and will need a shipper.

Hyundai Glovis mostly transports cars for automakers, but plans to expand into the gas shipping business with the deal.

“Hyundai Glovis plans to play an important role as a global shipping company during an era that will see major changes in energy policies," said a spokesperson for Hyundai Glovis. "We will showcase competitiveness in the gas shipping business."

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]