Hyundai Glovis has secured four of the world’s largest pure car and truck carriers (PCTCs). They are expected to help alleviate a shortage of vessels for the Korean automobile industry.
Hyundai Glovis announced on Feb. 6 that it signed a memorandum of understanding (MOU) with Korea Ocean Business Corporation to secure 1,800 ultra-large car carriers.
The four PCTCs will be ordered through Korea Ocean Business Corporation’s project to increase ships for Korean companies. They will be delivered in 2027. Hyundai Glovis announced in October 2023 that it will introduce a total of 12 liquefied natural gas (LNG) dual-fueled automobile carriers. The four ships announced on that day are part of that total. Each vessel will be the largest in the world, capable of carrying 18,000 compact cars.
According to the agreement, the two companies agreed to prioritize space for cars made by Korean automakers on the ships if the Korean automobile industry faces difficulties in exporting cars for reasons such as a shortage of ships. However, the agreement was subject to certain conditions such as market conditions and appropriate freight rates.
Industry insiders expect that the securing of the super-sized ships will help resolve the ongoing global PCTC supply shortage. “At a time of growing uncertainties in business environments including geopolitical risks, policy supports such as this new shipbuilding order will help us overcome the crisis,” a Hyundai Glovis official said.
The acquisition of the world’s largest car carriers is expected to further boost Hyundai Glovis’ competitiveness in the shipping business. Including these new vessels, Hyundai Glovis will have a total of 28 LNG dual-fuel PCTCs by 2027. This is estimated to be the largest fleet in the global car carrier industry.