Hyundai Glovis Inks USD 1.3 Bn Deals to Ship Finished Cars

Hyundai Glovis Inks USD 1.3 Bn Deals to Ship Finished CarszoomImage Courtesy: Hyundai Glovis

South Korean shipping and logistics company Hyundai Glovis has won two contracts for shipping finished vehicles built by compatriot automotive manufacturer Hyundai Motor Co. and its subsidiary Kia Motors Corp.

The total value of the two separate contracts is KRW 1.4 trillion (around USD 1.3 billion), according to filings on Korea Exchange.

Under the terms of the agreements, Hyundai Glovis is to ship cars to the Americas, Europe, Middle East and Asia.

As informed, the contracts, covering the period between January 2018 and December 2019, encompass up to 60 percent of Hyundai Motor’s and Kia Motors’ exports.

World Maritime News Staff