'2.2 Trillion Jackpot' Hyundai Glovis Signs Record-Breaking Completed Vehicle Maritime Transport Contract

Prehistoric-Finished Vehicle Single Contract Reaches Largest Scale Ever Globally

[Asia Economy Reporter Kiho Sung] Hyundai Glovis has signed a mega-scale vehicle maritime transport contract worth 2.2 trillion KRW over three years with a global finished car brand.

On the 14th, Hyundai Glovis announced a finished car maritime transport contract worth a total of 2.1881 trillion KRW over three years from 2023 to 2025 with a global finished car brand.

According to the announcement, Hyundai Glovis plans to transport finished cars by sea to global demand locations including Europe, the Americas, and Asia. Other detailed terms of the contract will remain confidential through mutual agreement.

This contract is known to be the largest single contract signed through competitive bidding between a shipping company and an automaker in the global finished car maritime transport market, attracting market attention.

Since Hyundai Glovis officially entered the shipping business in 2010, this contract marks the highest revenue among non-affiliated contracts, and it is expected to have a positive effect in future additional order competitions.

Hyundai Glovis has been increasing its market influence by consecutively signing large contracts with global finished car brands recently.

In 2020, it signed a five-year long-term transport contract with the Volkswagen Group and has exclusively transported all volumes from Europe to China, securing leading global finished car brands as clients so far.

With continuous major large contracts, Hyundai Glovis is expected to establish a top position in the global finished car maritime transport market based on cargo volume.

The market analyzes that Hyundai Glovis’s unique competitiveness in finished car maritime transport is receiving positive evaluations from global automobile brands.

Hyundai Glovis is enhancing maritime transport efficiency through continuous investment. It is steadily building new vessels and working on infrastructure development such as securing dedicated terminals within ports through cooperation with shipping companies worldwide.

Furthermore, as a preemptive investment in preparation for the electric vehicle era, it is developing specialized maritime transport services for electric vehicles to handle emergencies such as fires, advancing future mobility-tailored maritime transport solutions.

Hyundai Glovis’s strategy is to further expand the proportion of non-affiliated sales in the finished car maritime transport business by leveraging its competitiveness.

The non-affiliated sales ratio, which was around 12% in the early stages of the business in 2010, gradually increased to 40% in 2016, 44% in 2018, and in 2019, it surpassed affiliated sales for the first time at 52%, reaching a record high of 55% in 2020 and 61% in 2021, raising growth expectations.

A Hyundai Glovis official said, “We will continue to develop our unique competitiveness in automobile maritime transport and further focus our capabilities on providing stable supply chain-related services to global shippers.”

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