Hyundai Glovis, the auto shipping unit of South Korea’s Hyundai Motor Group, has secured KRW1.42 trillion ($1.3bn) worth of contracts to transport vehicles for Hyundai Motor and its affiliate Kia Motors.
Under the two separate deals, which account for up to 60% of Hyundai and Kia’s exports, Hyundai Glovis will ship Hyundai and Kia cars to the United States, Europe, the Middle East and Asia until December 2019.
In July 2017, Hyundai Glovis signed a share purchase agreement to take over full equity in Eusu Ship Management for KRW11bn to enhance its shipping business.
