SEOUL– South Korea’s Hyundai Glovis Co. said Sunday it will debut in the gas shipping market in 2024 on the back of a multi-year contract with trading giant Trafigura Group.
The logistics unit of Hyundai Motor Group said it has signed a 10-year shipping deal with Switzerland-based Trafigura, one of the world’s largest commodity trading houses, to carry ammonia and liquefied natural gas (LPG) starting in 2024.
Hyundai Glovis said it will invest 200 billion won (US$172.9 million) to buy two very large gas carriers (VLGCs) to tap into the gas shipping industry.
The firm, specializing in carrying cars, said it will step up partnerships with major industry players to establish hydrogen delivery capacity to meet growing demand for clean fuel.
Source: Yonhap News Agency