Hyundai Gloves to enter the gas export market after agreeing with Trafigura

Hyundai Gloves CEO Kim Jung-houn (left) and Trafigura Oil General Manager Jose Maria Larocaka took a photograph after signing a business partnership agreement at their respective headquarters in South Korea and Switzerland. Thursday. (Hyundai Gloves)

Hyundai Gloves, logistics arm of Hyundai Group, has signed a multi-year deal with major trading company Trafigura. It has announced that it will enter the gas export market by 2024.

Shipping agreement with Swiss company Hyundai Gloves will carry ammonia and liquefied petroleum gas for international markets for up to 10 years.

The two largest gas carriers (VLGC), which boasts an capacity of 86,000 square meters, won $ 200 billion ($ 173.2 million) to invest in the company.

Unlike LPG carriers, Hyundai Gloves VLGCs are made of special materials to carry ammonia – only 10 percent of VLGCs around the world feature, the company explained.

Trafigura is one of the world’s largest commodities. A.D. By 2020, it had grossed 173 trillion revenues and had grown 3.4 trillion in profits.

The move marks the company’s transition to new sectors that previously focused on cargo ships.

As liquid hydrogen carriers are still on the market, ammonia emerges as an effective hydrogen carrier for the company, after which hydrogen can be extracted.

Hyundai Gloves also affirmed its efforts to build a hydrogen value chain.

“We have a long-term agreement with the international commodity trading company,” said Hyundai Gloves.

We also see the speed at which the hydrogen value chain builds up. We plan to carry liquid hydrogen and become a leader in global hydrogen distribution.

In the First World, the basic design of the Hyundai Gloves and Hyundai Heavy Industries Group was approved for the 20,000 cubic meters of commercial hydrogen hydrogen carrier (AIP) by the Korean Shipping Registry and the Liberian Registry last October.

By Yam Hyun-Su (hyunsu@heraldcorp.com)

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