AsiaAustralia and OceaniaContracts and Tenders

Hyundai Glovis inks 10-year LNG carrier charter deal with Woodside

By LNG Prime Staff
Hyundai Glovis inks 10-year LNG carrier charter deal with Woodside
For illustration only (Image: Woodside)

South Korea’s Hyundai Glovis said it would charter one newbuild LNG carrier for 10 years to Australian LNG player Woodside.

The charter deal also includes an option for additional five years, Hyundai Glovis said in a statement on Tuesday.

With this, the South Korean operator of a large PCTC fleet and the shipping unit of Hyundai Motor Group enters the LNG transportation business.

Hyundai Glovis said that both its CEO Kim Jung-Hoon and Woodside’s chief Meg O’Neill attended the online signing ceremony on Tuesday.

Hyundai Glovis is the first shipping company in Asia to sign a contract with Woodside, according to the statement.

To fulfill the contract, Hyundai Glovis has launched a new ship construction project which should be complete in the second half of 2024, the company said, but it did not provide any additional information.

Following delivery, the LNG carrier would transport LNG produced in Australia to global customers, including in Northeast Asia.

Besides LNG, Hyundai Glovis said it would cooperate in hydrogen shipping with Woodside as well.

Brokers recently reported that Hyundai Glovis had ordered one LNG carrier, backed by a Woodside charter, at South Korea’s Hyundai Samho Heavy Industries.

HSHI’s parent KSOE said the deal for the 174,000-cbm LNG carrier had a price tag of about $218 million with delivery scheduled by August 2024.

Most Popular

Vessels

Another steam LNG carrier sold for demolition

An NYK-managed steam liquefied natural gas (LNG) carrier has been sold for demolition, according to brokers.
Sponsored Content

Abaxx sees significant volume growth in its LNG futures

Abaxx Commodity Futures Exchange, a wholly owned subsidiary of Abaxx Technologies (CBOE:ABXX) has seen significant volume growth in its physically deliverable LNG futures during the past summer months, according to Abaxx Exchange Chief Commercial Officer Joe Raia.
LNG Terminals

Shell’s LNG Canada expansion project to get boost from government

Canadian Prime Minister Mark Carney named the planned second phase of Shell's LNG Canada export project as one of the major projects the federal government would help fast-track.

More News Like This

Vessels

GasLog, Woodside name LNG carrier duo in South Korea

South Korea's Hanwha Ocean has hosted a naming ceremony at its yard in Geoje for two LNG carriers it built for owner Greece's GasLog and charterer Australia's Woodside.
LNG Terminals

Woodside: first Louisiana LNG train more than 22 percent complete

The first train of Woodside's $17.5 billion Louisiana LNG export terminal in the US is more than 22 percent complete, as the company works to start first LNG production at the three-train facility in 2029.
LNG Terminals

Woodside secures final approval for NWS extension project

Australian LNG player Woodside and its partners in the North West Shelf joint venture have secured the final approval from the Australian government for the North West Shelf project extension.
Contracts and Tenders

Woodside, Petronas seal 15-year LNG SPA

Australia's Woodside has signed a long-term deal with Malaysia's Petronas to supply the latter with liquefied natural gas (LNG) from its global portfolio. The deal may include supplies from Woodside's Louisiana LNG project in the US.

2025. © All rights reserved. LNG Prime LLC. 447 Broadway, New York, NY 10013, USA