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Hyundai Glovis bags $191.6 mn order to ship crude oil for GS Caltex

Collected: 2017.12.10

Distributed: 2017.12.11

Source: Go Direct

[Photo provided by Hyundai Glovis Co.]

Hyundai Glovis Co., a logistics unit under South Korean conglomerate Hyundai Motor Group, inked a long-term crude oil shipping deal worth 209.8 billion won ($191.6 million) with Korea’s leading oil refiner GS Caltex Corp., the company said Friday.

Under the terms of the agreement, Hyundai Glovis will transport a total of 18.55 million-ton crude oil from the Middle Eastern countries including Saudi Arabia and Iraq to GS Caltex’s oil refinery plant in southern Korea over a period of 10 years, starting October 2019.

The contract is worth 209.8 billion won, which is equivalent to nearly 1.4 percent of Hyundai Glovis’s 2016 revenue, according to its regulatory filing on Friday.

In line with the new contract, Hyundai Glovis plans to order a 300,000-ton class very large crude oil carrier at a local shipbuilder and transport crude oil seven times a year.

The Korean logistics firm currently operates a fleet of more than 90 ships including vehicle carriers and bulk carriers. It took over Eusu Ship Management Co., which is re-named as G-Marine Service Co. in July to enhance its competitiveness in shipping business.

Last year, the company raised record sales of 15.3 trillion won on a consolidated basis, 16 percent of which or 2.4 trillion won, was from its shipping business.

Hyundai Glovis shares finished Friday at 143,000 won, up 0.35 percent from the previous session.

By Lee Seung-yoon and Cho Jeehyun

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