South Korea’s Hyundai Glovis, greatest identified for its automotive service fleet, has formally entered the liquefied pure fuel (LNG) delivery section through a long-term contract with Australian power agency Woodside.
The logistics unit of Hyundai Motor Group is the primary Asian delivery firm to signal a contract with Australia’s largest LNG producer. The deal is for 10 years agency and comes with an extension choice of an extra 5 years.
The contract is predicted to begin in earnest within the second half of 2024 when the 174,000 cu m LNG service, costing $217m, is delivered by Hyundai Samho. The plan is to move LNG produced in Australia to international shoppers reminiscent of Northeast Asia.
Hyundai Glovis stated that whereas it goals to develop the delivery enterprise portfolio centered on car transport, it additionally plans to build up associated fuel transportation know-how to show competitiveness in hydrogen delivery by working along with Woodside, who invested in Hynet (Hydrogen Vitality Community), a consortium for constructing hydrogen charging infrastructure in Korea.
Final yr, Hyundai Glovis introduced its entry into the fuel delivery market after putting a take care of commodity dealer Trafigura to ship ammonia and liquefied petroleum fuel (LPG) from 2024. Two 86,000 cu m VLGCs value round $86m every shall be constructed as a part of the deal.