CEO Lee Kyu-Bong of Hyundai LNG Shipping

Contracts for 14 carriers after assumption of office through teamwork with shipbuilding/finance sector

30 years in the eco-friendly LNG shipping industry Second to none in ESG management

"We are signing a new transportation contract successively with global shippers, not to mention domestic shippers,

based on our 30 years of experience in LNG (liquefied natural gas) transportation, which is the longest history in the country.

It is time that global companies emerge in the domestic shipping industry such as Samsung Electronics and SK Hynix.”, said Lee Kyu-bong, CEO of Hyundai LNG Shipping,

in a recent interview with Maeil Kyungje in the head office located on the 7th floor of the Korea Chamber of Commerce Industry in Jung-gu, Seoul.

Hyundai LNG Shipping was found by IMM, domestic private equity fund (PEF) operator that took over the LNG business department of former Hyundai Merchant Marine.

The company specializes in gas transportation such as LNG and shale gas and has 8 vessels in possession currently.

Their clients were limited to domestic shippers such as Korean Gas Corporation and E1 until they started global market invasion at full blast after installation

of CEO Lee Kyu-bong in 2018.

The CEO has profound insight and global network in both of the shipping and energy industries as he started his career in SK Shipping (former Yugong Shipping)

and worked for global petrochemistry companies such as Enron Corporation in the US and British Petroleum (BP) in the UK until he returned to SK Group to fill the post

of gas carrier business department head at SK Shipping and LNG business department head at SK E&S.

“I couldn’t take an overseas business trip last year because of the Covid-19, but for the first 2 years after assuming the office, I spent a third of year on overseas business trips.

I worked in the field for 2 years and met 150 new shippers to make a deal." said the CEO. As a result, he succeeded in winning a series of contracts from Pavilion in Singapore,

BGN in Turkey, Petronas in Malaysia, and Repsol in Spain.

The new transportation contract recently awarded to Hyundai LNG Shipping is a deal for 14 vessels, including options.

Hyundai LNG Shipping aims to enter the world top 10 by 2025 based on such achievement.

Korea One Team’s teamwork also played a role in the overseas contracts.

"In the process of winning the contract for Petronas with an option of 3 + 3 vessel, we could beat the shippers from shipping powerhouse such as Greece, Japan,

and Norway by joint efforts of Hyundai Heavy Industries that provided a competitive price tender and Korea Development Bank that provided financial support.

Global competitiveness will increase when we collaborate with one team that has expertise in relevant fields in winning major contracts like this”, said the CEO.

Ironically, many new transportation contracts bring a challenge to Hyundai LNG Shipping, because ordering a ship for the transportation contracts requires enormous capital.

“We are looking for a partner to invest in the capital for financing our external growth such as ship fund, in addition to increasing capital from the current major shareholders”,

said the CEO.

Hyundai LNG Shipping has early adopted ESG (environmental, social and corporate governance) through eco-friendly ship operation.

It is natural that they carry out open and aboveboard management that ensures internal stability, rather than appearance, given the PEF is the largest shareholder.

“We have accounting transparencies that are even recognized by the authorities due to the largest shareholder who strongly requested to carry out responsible management

through an executive officer system”, explained the CEO.

▶▶He is…

△English language and literature, Seogang University △MBA, Wharton School of the University of Pennsylvania △Employee, SK, 1992 △Seoul senior consultant, Bain & Company, 2002-2004 △BP Strategies, UK, 2004-2008 △Gas ship business department head, SK Shipping; Business operation department head, SK E&S LNG, 2008-2017△ CEO, representative executive officer, Hyundai LNG Shipping, 2018- present

[Journalist Han Woo-ram, Maeil Kyungje]