Seoul-based logistics company Hyundai Glovis, part of the Hyundai Kia Automotive Group, plans to buy four vehicle carriers for around KRW 335 billion (USD 296 million).
The four new vessels are expected to join Hyundai Glovis’ fleet by December 27, 2017, the company said in a stock filing.
Hyundai Glovis also signed two two-year contracts to transport Hyundai and Kia vehicles to the Americas, Europe, the Middle East and other Asian countries.
The shipping contracts Hyundai Glovis signed with Hyundai Motor Co. and Kia Motors Corp. on October 27 are scheduled to start on January 1, 2016, and end on December 31, 2017.
The value of the contract signed with Hyundai Motor Co. is KRW 738.8 billion (USD 653.7 million).
The contract with Kia Motors Corp. is valued at KRW 633.8 billion (USD 560.7 million).
World Maritime News Staff