Hyundai Glovis wins $1.6 bn shipping deal from global automaker

[Source: Hyundai Glovis]

Hyundai Glovis, a unit of South Korean auto giant Hyundai Motor Group, disclosed Wednesday it has bagged a $1.6 billion car shipping deal.

The company said it will transport automobiles by sea to destinations in Asia, America, and Europe for a global finished car maker. It did not reveal the client’s name and other details due to the non-disclosure agreement. Shipping service will run for three years until 2025.

The contract is the largest sealed since 2010 outside Hyundai Motor Group, according to the company.

On Wednesday, Hyundai Glovis shares closed down 0.29 percent at 170,000 won ($122.13).

Hyundai Glovis is seeking to further expand car transport service revenue from non-Hyundai Motor clients by upgrading its business service portfolio, such as adding a shipping service for electric vehicles.

It generated 61 percent of its sea freight transport service revenue in 2021 from non-Hyundai Motor clients. The figure has been growing steadily, from 12 percent in 2010 to 40 percent in 2016 and then to 55 percent in 2020.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]