○ The Cryogenic Materials Revolution That Made the Impossible Possible

• The 1944 Cleveland explosion significantly delayed the commercialization of LNG for a period.

• Newly developed 9% nickel steel proved its safety by preventing brittle fracture even at -196°C, ultimately becoming the global standard for the inner walls of onshore LNG storage tanks.

○ The Dawn of Marine Transport and Standardization of Transportation Methods

• In the early stages of LNG carrier cargo containment systems, Norway's Moss type and France's Membrane type competed fiercely.

• South Korea's top three shipbuilders invested heavily in the Membrane type, displacing the Japan-led Moss type; today, over 90% of global LNG carriers adopt the Membrane containment system.

○ The Magic of Financial Engineering for Risk Hedging

• Massive capital expenditures and low asset fungibility forced both sellers and buyers in LNG projects to assume immense risk.

• The introduction of Take-or-Pay (ToP) clauses in the 1960s, alongside comprehensive government credit guarantees, played a pivotal role in settling the industry onto a stable trajectory.

○ Strategic Positioning to Accelerate Market Opening

• In the 1960s, Japan’s Tokyo Gas redefined LNG not merely as a new fuel source, but as the sole solution to bring blue skies back to a pollution-plagued Tokyo.

• Aligned with public policy, this joint initiative elevated LNG adoption from a private commercial venture to a "public-private anti-pollution partnership."

☞ Strategic Key Takeaway: A shift in perspective is needed to view the current delay in hydrogen commercialization—driven by the temporary slump in global green investments and the EV market—as an ideal period for capacity build-up. To secure market leadership moving forward, it is time to accelerate proactive investments and forge global partnerships targeting key bottlenecks across the entire hydrogen value chain, encompassing production, transport, storage, and utilization.