Hyundai Glovis Extends Maritime Transport Contract with Hyundai Motor and Kia... Worth 1.9 Trillion KRW
[Asia Economy Reporter Dongwoo Lee] Hyundai Glovis has renewed its sea transportation contract for finished car exports with Hyundai Motor and Kia, which expires this year.
Hyundai Glovis announced on the 28th that it has signed an extension contract to handle the sea transportation of finished cars for Hyundai Motor and Kia from January next year until the end of 2024.
The contract amount Hyundai Glovis signed is 1.0582 trillion KRW for Hyundai Motor and 905.8 billion KRW for Kia, totaling 1.964 trillion KRW. With this contract, Hyundai Glovis will be responsible for 60% of the sea transportation of finished car export volumes for Hyundai Motor and Kia from next year through 2024.
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The two-year contract signed at the end of 2019 was 757.4 billion KRW for Hyundai Motor and 637.3 billion KRW for Kia, respectively. Hyundai Glovis recently signed a one-year sea transportation contract worth 501.8 billion KRW with a global finished car manufacturer.
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