Hyundai Glovis of Korea decided to secure four further newbuilding pure car/truck carriers (PCTC), aimed at establishing an operating foundation for its business of Overseas Shipment for Finished Vehicle and expanding third party business.
The Korean shipping company announced through a regulatory filing that the company had held a board meeting on August 2 and decided to invest in four new PCTCs.
This newbuilding investment is regarding a contract where Hyundai Glovis charters the PCTCs for five years from ship funds and acquire them later.
Investment price comes at a total of KRW 260bn ($58m apiece) and the company explained that this value is set upon acquiring. The investment period commences on August 9, 2013 and completes by March 31, 2020.
According to industry players, the PCTC is 6,500 ceu constructed by compatriot builder Hyundai Heavy Industries for delivery in 2015.