Hyundai Glovis and Haejin Gong "Secured 4 of the World's Largest Car Carriers"

New PCTC Orders and 2027 Delivery
Capacity to Ship 10,800 Small Cars
Support to Resolve Export Difficulties for Automakers

Hyundai Glovis has partnered with the Korea Ocean Business Corporation to secure four of the world's largest Pure Car and Truck Carriers (PCTCs). The company aims to prevent export difficulties for the domestic finished car industry, strengthen its business influence, and contribute to resolving the global PCTC supply shortage.

On the 7th, Hyundai Glovis announced that it signed a Memorandum of Understanding (MOU) with the Korea Ocean Business Corporation to secure ultra-large car carriers with a capacity of 10,800 vehicles.

The four PCTCs secured by Hyundai Glovis this time will be newly ordered through the Korea Ocean Business Corporation's shipowner business and are scheduled for delivery in 2027. Each vessel is among the world's largest, capable of carrying 10,800 small cars. These are part of the 12 LNG dual-fuel engine PCTCs that Hyundai Glovis announced plans to secure in October last year. Including the vessels secured this time, Hyundai Glovis plans to own a total of 28 LNG dual-fuel engine PCTCs by 2027, which is expected to be the largest scale in the global car carrier industry.

Meanwhile, under this agreement, the two companies have agreed to prioritize allocating space on these vessels to the domestic finished car industry if it faces export difficulties due to a shortage of freight space on cargo ships. However, this is subject to conditions such as reflecting market conditions and ensuring appropriate freight rates.

Hyundai Glovis expects that securing these ultra-large vessels will also help alleviate the global PCTC supply shortage. Previously, major global shipping companies reduced new orders for PCTCs anticipating a decline in car exports during the COVID-19 pandemic. Additionally, older vessels with high carbon emissions were scrapped, reducing the number of PCTCs worldwide. However, contrary to expectations, car production recovered rapidly, causing a shortage of PCTC freight space. This shortage worsened due to logistics risks near the Red Sea Strait.

A Hyundai Glovis official stated, "We will continue to actively promote sales to global shippers to lead the PCTC market."

Lee Gyubok, CEO of Hyundai Glovis (left), Kang Dohyung, Minister of Oceans and Fisheries (center), and Kim Yangsoo, President of Korea Ocean Business Corporation, are posing for a commemorative photo on the 6th at the "Hyundai Glovis Pyeongtaek Port Car Terminal" in Pyeongtaek-si, Gyeonggi-do, after signing a business agreement to secure a "10,800-vehicle ultra-large Pure Car and Truck Carrier (PCTC)." (Photo by Hyundai Glovis)

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