Hyundai Glovis enters LNG transport business with Woodside Scarlet Ibis

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Hyundai Glovis enters LNG transport business with Woodside Scarlet Ibis - Korea Economic Daily

Quick Summary:

Hyundai Glovis Co., the logistics unit of South Korea’s Hyundai Motor Group, is entering the liquefied natural gas transportation business with its first LNG carrier, the Woodside Scarlet Ibis.

According to Goldman Sachs Research, global LNG supplies are forecast to grow 80% by 2030 from the current levels.“Our business focus will be securing maritime transportation capabilities for LNG, hydrogen and ammonia, which are considered future energy sources,” said a Hyundai Glovis official.

Hyundai Glovis is striving to diversify its transportation business portfolio from automobiles into natural gases, including LNG, liquefied petroleum gas (LPG) and ammonia in line with global carbon neutrality initiatives across industries.