Hyundai Glovis Invests 2.5 Trillion KRW to Secure 12 Eco-Friendly Car Carriers

3Q Sales and Operating Profit Down 9.8% and 19.6% YoY

Hyundai Glovis announced on the 26th that it will invest trillions of won to secure eco-friendly car carriers. The company disclosed a new facility investment related to securing 12 liquefied natural gas (LNG) dual-fuel car carriers. The board of directors resolved to invest 2.4922 trillion won to acquire these vessels.

LNG dual-fuel vessels can use both bunker fuel oil, the main fuel for conventional ships, and LNG, which is considered an eco-friendly fuel. The vessels in this investment are ultra-large, capable of carrying 10,800 small cars, the global standard for car carriers. This marks the first time that a Hyundai Glovis-operated vessel can load over 10,000 cars.

The ship investment will be completed in 2047, 20 years after the final delivery of the vessels, which is scheduled for September 2027, based on the board resolution date.

Hyundai Glovis stated, “This investment was made to pursue mid- to long-term fleet operation stabilization and to proactively respond to international environmental regulations. Although an uncertain business environment is expected, we plan to strengthen our business competitiveness in the global market through investments to secure future growth engines.”

Meanwhile, Hyundai Glovis’ Q3 performance announced on the same day showed sales of 6.3301 trillion won and operating profit of 384.2 billion won, down 9.8% and 19.6%, respectively, compared to the same period last year. The company analyzed that this was due to volatility and uncertainty caused by external factors such as the global logistics industry conditions and exchange rates.

In the logistics sector, sales reached 2.2441 trillion won with an operating profit of 190.3 billion won, while the distribution sector recorded sales of 3.0497 trillion won and operating profit of 142.2 billion won. The shipping business achieved sales of 1.0363 trillion won and operating profit of 51.7 billion won.

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