Hyundai Glovis clinches LNG charter contract with QatarEnergy
![A 174,000 cubic-meter LNG carrier similar to the ones to be chartered under the deal between Hyundai Glovis and QatarEnergy [HYUNDAI GLOVIS]](https://koreajoongangdaily.joins.com/data/photo/2024/04/01/e762cb0e-7a7a-44ad-8594-5cd8871b217e.jpg)
A 174,000 cubic-meter LNG carrier similar to the ones to be chartered under the deal between Hyundai Glovis and QatarEnergy [HYUNDAI GLOVIS]
Hyundai Glovis, a logistics unit of Hyundai Motor Group, sealed a long-term charter agreement with QatarEnergy, the Middle Eastern country's state-owned energy corporation, for four LNG carriers.
In a consortium with Japan's Kawasaki Kisen Kaisha (K-Line), Hyundai Glovis secured the contract the carriers, each with a capacity of 174,000 cubic meters. These vessels are part of the second phase of QatarEnergy's North Field expansion project, or LNG fleet expansion program. Currently, the vessels are in the construction phase at Hanwha Ocean, with plans for joint operation by Hyundai Glovis and K-Line to begin in 2027.
The value of the contract remains undisclosed.
The Korean company highlighted that the contract is indicative of a move to capitalize on growing opportunities within the LNG transportation market. Beyond its traditional strength in automobile transportation, it has diversified its portfolio to include the transportation of LNG, liquefied petroleum gas (LPG) and ammonia.
"We aim to play a significant role as a global shipping company in the era of energy transition," stated a Hyundai Glovis official. "Our goal is to demonstrate our global competitiveness not only in the automotive sector but also in gas maritime transportation."
Domestic shipbuilders, including HD Korea Shipbuilding & Offshore Engineering, Samsung Heavy Industries and Hanwha Ocean, have received orders to construct over 100 LNG carriers for Qatar's North Field expansion project, further solidifying the collaboration between Korean firms and QatarEnergy with Hyundai Glovis winning the long-term charter.
The expansion project aims to increase Qatar's LNG production capacity from 77 million tons to 142 million tons by 2030.
BY SEO JI-EUN [seo.jieun1@joongang.co.kr]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)