This undated file photo provided by Hyundai Glovis shows a roll-on, roll-off (RoRo) ship named Glovis Crown at the Bremerhaven port in Germany to carry Volkswagen vehicles to Asian markets.
SEOUL, Feb. 1 (Korea Bizwire) — Hyundai Glovis Co., a logistics unit of Hyundai Motor Group, saw the share of non-affiliate sales in its pure car and truck carrier (PCTC) operations reach an all-time high at 55 percent last year.
Non-affiliate sales refer to the revenue it gained from other companies, excluding its affiliated Hyundai Motor Co. and Kia Corp.
The share of non-affiliate sales in Hyundai Glovis’ PCTC business has been on an upward trend rising from 40 percent in 2016 to 52 percent in 2019.
After standing at only 12 percent in 2010 when the company launched into the marine transport business, the share of non-affiliate sales has more than quadrupled over the past 10 years.
Last year, Hyundai Glovis inked an exclusive long-term contract with Volkswagen Group to transport the group’s ex-Europe, China-bound shipments over the next five years.
The company’s PCTC fleet increased sharply to 86 vessels (31 owned ships and 55 chartered ships) last year from 22 vessels in 2010, ranking second among major shipping companies in terms of PCTC fleet size.
As part of efforts to reduce transportation costs and enhance operational efficiency, Hyundai Glovis recently introduced the world’s first post panamax car carrier that is capable of transporting as many as 7,300 vehicles.
Kevin Lee (kevinlee@koreabizwire.com)
