SEOUL -- Hyundai Glovis, the logistics wing of South Korea's Hyundai auto group, has clinched 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 marked the largest ever deal with a single carmaker. "We will continue to expand our partnership with global brands based on our unrivaled competitiveness in automobile maritime transportation," an unnamed Hyundai Giovis official said in a statement on December 16.
Hyundai Glovis has worked hard to attract cargo aboard ships returning to the Far East. In 2019, it secured an additional yard for finished cars in Philadelphia. A year later, the company secured 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 said it has secured an exclusive shipping space in Bremerhaven, a port city on Germany’s North Sea coast, through a joint venture with BLG Logistics Group. Financial terms were not given.
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