Hyundai Glovis, a subsidiary of the Hyundai Motor Group and a South Korean operator of a significant Pure Car and Truck Carrier (PCTC) fleet, has announced a substantial investment as part of a calculated effort to strengthen its position in the shipping industry.
On October 26, 2023, the board meeting approved the decision.
This $1.84 billion investment primarily focuses on building LNG dual-fuel PCTCs, which will have an incredible capacity of 10,800 car equivalent units (CEUs).
When finished, these ships will be far greater than the current record-holder, which has a capacity of 8,500 cars, making them the largest PCTCs in the world.
In an attempt to stabilise its mid-to-long-term fleet operations and comply with strict international environmental regulations that are becoming increasingly important in the industry.
Hyundai Glovis seeks to acquire this fleet of state-of-the-art vessels.
By the end of September 2027, the delivery of these cutting-edge vessels is expected to be completed, giving each one a 20-year operational service life.
Industry insiders indicate that Chinese shipyards are well-positioned to win the construction contracts for this ambitious project, even though the shipbuilder in charge has yet to be revealed.
This is consistent with the worldwide trend of significant shipbuilding occurring in Chinese yards.
This major investment has been considered with a strong reason behind it.
The lack of new car carrier orders that the automotive industry has been dealing with has resulted in a capacity bottleneck for specialised car transport.
The automakers are now looking for different modes of transportation after the increased demand for cars post-pandemic.
This significant investment by Hyundai Glovis extends its borders of uniqueness by following environmentally friendly practices throughout the supply chain.
References- Offshore Energy, LNG Prime
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