Hyundai Glovis wins $ 424 million contract with unspecified foreign automaker to transport cars from China to Europe



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[Courtesy of Hyundai Glovis]

SEOUL – Hyundai Glovis, the logistics arm of South Korean automotive group Hyundai, has landed a one-year contract worth 501.8 billion won ($ 424 million) with an unspecified foreign automaker to transport finished cars from China to Europe by sea from January 2022.

Hyundai Glovis did not disclose the name of its contractor. It is the largest contract ever to be signed with a single automaker. “We will continue to expand our partnership with global brands on the basis of our unmatched competitiveness in automotive shipping,” an unnamed Hyundai Giovis official said in a Dec. 16 statement.

Hyundai Glovis has worked hard to attract cargo on ships returning to the Far East. In 2019, it secured an additional site for finished cars in Philadelphia. A year later, the company was awarded a long-term contract to ship finished cars produced by German auto giant Volkswagen from Europe to China.

The new deal came a day after Hyundai Glovis announced it had secured exclusive shipping space in Bremerhaven, a port city on the German North Sea coast, through a joint venture with BLG Logistics Group. Financial conditions were not given.

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