Hyundai Glovis adds $782 mn car transport deal from non-Hyundai client

[Provided by Hyundai Glovis]

South Korea’s Hyundai Glovis Co., the logistics unit under Hyundai Motor Group, has signed an estimated 1.05 trillion won ($782.1 million) worth deal to transport vehicles on marine routes for two years from January 2023 with a global finished carmaker.

Details about the deal cannot be disclosed under mutual agreement, the company announced Friday.

Hyundai Glovis bagged a 2.2 trillion won deal with another finished carmaker in September for three-year deliveries from 2023.

The Korean logistics company now runs a fleet of 90 vehicle carriers with continuous investments in new vessels. It was first in the industry to own a post-panamax bulker capable of carrying 7,300 compact vehicles.

To meet growing EV market, Hyundai Glovis established marine shipping solution tailored to EVs for the first time in the world. With the solution, the company manages EVs differently with traditional cars during shipping process.

Hyundai Glovis was able to broaden outreach beyond the Hyundai Motor family.

The ratio of outside clients to total revenue grew to 61 percent in 2021 from 52 percent in 2019, 40 percent in 2016, and 12 percent in 2010.