South Korea’s Hyundai Glovis, greatest recognized for its automotive service fleet, has formally entered the liquefied pure gasoline (LNG) transport section by way of a long-term contract with Australian power agency Woodside.

The logistics unit of Hyundai Motor Group is the primary Asian transport 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 anticipated to start 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 customers similar to Northeast Asia.

Hyundai Glovis mentioned that whereas it goals to broaden the transport enterprise portfolio centered on car transport, it additionally plans to build up associated gasoline transportation know-how to reveal competitiveness in hydrogen transport 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 gasoline transport market after hanging a take care of commodity dealer Trafigura to ship ammonia and liquefied petroleum gasoline (LPG) from 2024. Two 86,000 cu m VLGCs price round $86m every can be constructed as a part of the deal.