Hyundai Glovis to expand fleet from 98 to 110 to 120 vessels

[Financial News] Meritz Securities said on the 14th that Hyundai Glovis’s fleet would expand from 98 vessels at the end of the first half to 110 at the end of 2026 and 120 at the end of 2027.
Kim Jun-seong, an analyst at Meritz Securities, said, “Chinese cars have secured a competitive edge in manufacturing costs and are further strengthening their competitiveness in intelligent smart-car technology. It is easy to expect Chinese car exports to continue their upward trajectory.” He added, “However, based on vessel order schedules, Chinese local carriers will have no new vessels arriving through 2027.”
Kim added, “There is no doubt about top-line growth driven by exclusive benefits,” and emphasized, “Once stabilization in oil prices and normalization of costs are confirmed, it will begin a full-fledged re-rating of its corporate value.”
According to Meritz Securities, Hyundai Glovis has contracts with all its customers to pass through 100% of fuel costs resulting from fluctuations in oil prices. Customers make additional payments for fuel-cost increases with a two-month lag. As a result, all fuel-cost increases incurred from May through July were recovered in the third- and fourth-quarter results. However, an 80 billion won fuel-cost burden was reflected, as fuel costs remained high in August and September.





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