South Korea’s Hyundai Glovis is set to add more ultra-large car carriers to its growing fleet.
The shipping and logistics unit of Hyundai Kia Automotive Group unveiled plans to spend around $750m on six LNG dual-fuel 10,800 ceu vessels for delivery in 2028.
“We decided on a ship investment plan to provide more stable maritime transportation services to global strategic shippers from a mid-to long-term perspective,” the company said.
Hyundai Glovis is looking to boost its car carrier fleet, including privately owned and chartered vessels, from the current 87 ships to 110 ships by 2027. Last year, the company decided to invest over $1.8bn to secure a dozen of 10,800 ceu LNG-powered vessels for long-term chartering over 20 years in deals with Seaspan and HMM. These orders were spread between China’s state-owned Shanghai Waigaoqiao Shipbuilding and Guangzhou Shipyard International (GSI).
The Seoul-based diversified owner, which also counts tankers, bulk carriers, and newbuilds in the gas shipping segment in its fleet, has yet to reveal the yard and further details about the latest newbuilding series, which represent the largest under-development car carriers to date.
Car carriers have been among shipping’s hottest sectors in recent years. A shortage of tonnage after a decade of limited orders lifted their value as rates hit record levels after a post-pandemic rebound in car demand. This subsequently pushed many owners in the segment to secure slots, mostly in China, for supersized vessels.
