Shipowners Wilhelmsen group and Hyundai Glovis are deepening their ties with a view to expanding their gas shipping operations.
A new memorandum of understanding signed on Thursday also envisions working together on developing new green fuels.
The Norwegian and South Korean companies pledged to "exchange expertise and competency to improve existing technology and service areas, along with looking for new opportunities to shape the future of the maritime industry".
The two sides have been working together since 2004. Group holding company Wilh Wilhelmsen Holding has a 12% stake in Hyundai Glovis.
The two companies will now examine both short and longer term opportunities, they said.
"For example, the agreement highlights a shared focus on opportunities within the global gas shipping market, along with conducting research into alternative vessel fuels, such as liquefied hydrogen," the companies said.
Partly owned by Hyundai Motor Group, Hyundai Glovis operates car carriers and tankers, as well as has two LNG carriers.
Gas experience
Wilhelmsen Ship Management has more than 25 years of experience in the gas shipping market. It manages both LNG and LPG carriers.
Thomas Wilhelmsen, CEO of Wilhelmsen Group, said: "We have always been interested in leveraging potential synergies between the two companies, but it's our shared focus on developing hydrogen as a fuel for the future that has acted as the real catalyst.
"Starting an in-depth discussion, which has unlocked a number of areas where we can share competence, expertise and ambition, this framework agreement is just the beginning."
The Norwegian company's car carrier joint venture with Wallenius Lines, Eukor, already has major transport contracts with the Hyundai group.
Hyundai Glovis CEO Jung-Hoon Kim added: "This MOU that we are signing today will leverage on each company's strengths to maximise synergies and provide competitive options for both companies to respond rapidly growing global gas demands and tightened environmental regulations."
Wilhelmsen Group has been contacted for further details.
The company said it will provide specialised management expertise and insights on targeted technical areas, such as ballast water and scrubbers.
But it will also share several of their digital initiatives for potential trial on Hyundai Glovis vessels.
This will be "beneficial" for both companies, the group said.
Hyundai Glovis will also look for opportunities to cooperate with Wilhelmsen's agency division to achieve operational efficiencies across global port operations.
