Hyundai Glovis Scores Consecutive Wins with 'Jackpot'... 500 Billion KRW Maritime Transport Contract with Global Automakers

[Asia Economy Reporter Dongwoo Lee] Hyundai Glovis announced on the 16th that it has signed a maritime transportation contract worth 500 billion KRW with a global automobile manufacturer. This is the largest contract ever signed with a single global automobile manufacturer.

According to the contract, Hyundai Glovis will transport finished vehicles produced in China to Europe by sea for one year from January to December 2022. The contract amount for one year is 501.8 billion KRW.

Following the 2020 contract with Volkswagen, Hyundai Glovis expects to further solidify its position in the global automobile maritime transportation market by securing consecutive large-scale orders with this contract.

Last year, the Volkswagen Group entrusted Hyundai Glovis with a five-year long-term maritime transportation contract. Hyundai Glovis will exclusively transport all export volumes of passenger car brands within the Volkswagen Group, including Volkswagen, Audi, and Porsche, from Europe to China.

By stably securing shuttle maritime transportation volumes between Europe and China, Hyundai Glovis is expected to significantly enhance its profitability.

Currently, Hyundai Glovis operates a fleet of 90 vessels and over 80 global logistics networks, providing maritime transportation services worldwide by leveraging the characteristics of automobile carriers. The large fleet ownership allows flexible vessel operation, enabling quick response to shippers' sailing schedules.

Its logistics infrastructure established at key global locations is also a strength. Recently, Hyundai Glovis became the first global shipping company to secure an exclusive loading terminal at the Port of Bremerhaven in Germany, one of the largest automobile cargo ports in Europe.

In 2019, Hyundai Glovis secured a new finished vehicle storage yard at the Port of Philadelphia in Pennsylvania, USA, dedicating an automobile area of 1 million square meters, equivalent to 143 soccer fields. Domestically, it constructed an automobile-exclusive terminal at the Port of Pyeongtaek in 2018. As a result, as of the third quarter of this year, the proportion of non-affiliated sales reached a record high of 60%.

A Hyundai Glovis official stated, “Based on our unparalleled automobile maritime transportation competitiveness, we will continue to expand cooperative relationships with global brands,” adding, “As the only Korean shipping company in the automobile carrier market, we will continue to provide optimal maritime transportation solutions.”

This content was produced with the assistance of AI translation services.