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Photo courtesy of Hyundai Glovis |
[Alpha Biz= Kim Sangjin] Hyundai Glovis shares surged after signing a new maritime shipping contract with Hyundai Motor and Kia.
As of 10:35 a.m. Thursday, Hyundai Glovis was trading at 129,000 won, up 10,900 won (9.23%) from the previous day, with its stock reaching an intraday high of 130,000 won, marking a 52-week high.
The rally followed news of Hyundai Glovis securing a shipping contract with Hyundai Motor and Kia. On October 31, the company announced it had signed deals worth 3.37 trillion won with Hyundai Motor and 3.33 trillion won with Kia, totaling 6.7 trillion won. This figure represents 26.1% of the company's 2023 revenue of 26.68 trillion won. The contract is valid through December 31, 2029.
According to NH Investment & Securities, Hyundai Glovis previously signed a three-year shipping contract (2022–2024) with Hyundai Motor and Kia, valued at 1.96 trillion won, covering 60% of their domestically produced vehicles. The new five-year contract reduces the volume share to 50%, but higher shipping rates have expanded its value to 6.7 trillion won.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
