Hyundai Glovis, one of the largest operators of vehicle transports, is moving forward with plans to build the world’s largest car carriers each with a capacity of 10,800 vehicles. The company reported the decision of its board of directors to authorize the construction order while reporting its quarterly results and in a filing with the Korean Stock Exchange.
While reporting to investors that the company experienced a decrease in high freight SPOT volume in the car and truck carrier segment, they also showed the highest utilization of vehicle space in a decade of history for the business. Traditionally running in the low to mid 60 percent range, they reported utilization of available vessel space surpassed 70 percent in the second quarter of 2023, up better than two percentage points from 2022.
Exports of finished car OEMs they reported are expected to recover noting that there currently is limited vessel availability due to port congestion in regions such as North America (West Coast), as well as in Europe and Australia. Hyundai Glovis currently operates 78 vessels in total while citing an overall lack of vessels and capacity in the market.
The company’s board has authorized a planned $1.84 billion investment into a new fleet of vessels, which as reported would also be the largest in the industry today. The plan calls for the construction of a dozen vessels each with a 10,800 unit capacity.
“Securing a fleet of LNG dual-fuel propulsion engines to stabilize mid- to long-term fleet operations and respond to strengthened international environmental regulations,” the company reports it expects to take delivery of the vessels by September 2027. The vessel was also part of the company’s plan to achieve a better than 20 percent reduction in emissions by 2030 compared to 2021 through the introduction of LNG-fueled ships and eco-friendly trucks.
Currently, the sector’s largest vessels have a capacity of 8,500 units but the industry has been rushing forward with new orders to meet current and anticipated future demand. Nearly 100 new PCTCs were ordered in 2022 and with the growth of the Chinese car manufacturing industry, demand is expected to continue to grow.
Earlier last week, Norway’s Wallenius Wilhelmsen confirmed that it was moving forward with the previously announced deal to build the first four 9,350 CEU methanol-capable and ammonia-ready vessels. Zin August 2023, the company signed a letter of intent for the four vessels with China’s Jinling Shipyard with an option for up to eight more ships. Wallenius Wilhelmsen reports the order is part of the efforts at decarbonization with their strategy to maintain a fleet of 125 to 135 vessels.
In June, a UK Royal Navy destroyer and Dutch Royal Navy ship safely moored in Odessa, Ukraine, were spoofed to locations off-shore of a Russian naval base on Crimea. One week later, it was a US Navy ship moored in the same port that was spoofed (above). These are interesting cases in several ways. First, how […]
A massive fire broke out at the Port of Beirut on Thursday, incinerating a warehouse full of tires and oil within the port’s free zone. The same area was heavily damaged in the ammonium nitrate explosion that leveled the central port area and the adjacent waterfront on August 4. According to Lebanon’s civil defense agency, […]
Over the course of the past five days, the Australian Maritime Safety Authority arranged a medical intervention for an injured aboard a freighter in the Indian Ocean. On Saturday evening, the Spliethoff tweendecker Dolfijngracht called for assistance while under way about 1,000 nauical miles off the coast of Western Australia. A crewmember had sustained serious […]
The UK government’s new post-Brexit tariff regime will result in both winners and losers. The new regime is set to replace the European Union’s Common External Tariff from the end of the Brexit Transition Period on December 31, 2020. The UK’s commitment to the ongoing Brexit process and ending the UK’s transition from EU membership […]
As the shipping industry works to develop its path towards decarbonization, one large shipowner has decided to use the existing technology to start a conversion to methanol while longer-term solutions continue to be developed. Eastern Pacific Shipping, which has a fleet of containerships, dry bulk carriers, and tankers totally 15 million dwt, will work with […]
The First DP2, Twin-Hulled SOV in the World, NB72 Groene Wind met the Sea on September 29. 2020 in Yalova, Turkey. The Groene Wind will be directly chartered to Siemens Gamesa Renewable Energy for the maintenance of the Rentel and Mermaid & Seastar (known as SeaMade) offshore wind farms in Belgium. This is the first DP2, […]
The U-Freight Group (UFL), with its considerable involvement in eCommerce logistics, says that the latest statistics showing that global e-commerce sales hit $25.6 trillion in 2018 are a further vindication of its decision to enter this sector of the international freight market several years ago. The latest available estimates, up 8% from 2017, were recently […]
DSV Belgium has solid experience in the transport of pharmaceutical products for different customers. With a pharma hub based at Brussels Airport a lot of experience and know-how has been built up over the years. Last weekend, the forwarder handled one hundred million mouth masks, an important milestone for its Belgian organisation that has put […]
With close to 100 daily cargo flights operated to a destination network spanning more than 65 cities across six continents, Emirates SkyCargo is delivering essential supplies and commodities to people around the world. The air cargo carrier is currently operating 11 Boeing 777 freighter aircraft, each with a capacity to transport about 100 tonnes of […]
Operators can continue to use pilots and other crew members who have unable to comply with certain training, recent experience, testing, and checking requirements due to the COVID-19 outbreak in support of essential operations. Additionally, this Special Federal Aviation Regulation (SFAR) provides regulatory relief to certain persons and pilot schools unable to meet duration and […]
Callan Marine is serving as the prime contractor to the Texas Department of Transportation for a maintenance dredging project located at the Bolivar Ferry Terminal, in Galveston, Texas. Work began in May and is estimated to be complete in late July 2020. The project consists of the removal of 600,000 cubic yards of material and […]
Astral Aviation has increased its intra-African network with cargo freighters during the pandemic. While there has been a reduction in capacity to, from, and within Africa, which has been caused by a stoppage of passenger flights and limited frequencies on freighter aircraft, Astral Aviation continues to operate cargo freighters from its Nairobi hub to 13 destinations […]
The naval forces of the US and Bahrain recently staged a joint force training exercise which showcased the interoperability between coalition warships operating I the Arabian Gulf. Coalition Task Force Sentinel executed combined exercise Sentinel Shield supporting Sentry and Sentinel patrols in the coalition’s area of operations. The guided-missile destroyer USS John Paul Jones and […]
Best known as a leading passenger airport serving Germany’s most populated federal state North Rhine-Westphalia, Düsseldorf has become transformed into a vital distribution point, during the COVID 19 pandemic, for medical equipment and other life-saving goods, mostly from China. Gerton Hulsman, managing director of cargo operations, reports that the handling teams are working hard to […]
Emirates SkyCargo has expanded its weekly scheduled cargo flight operations to cover 75 destinations across six continents. Through its wider reach, Emirates SkyCargo is able to transport essential commodities and other urgently needed cargo more rapidly across the world, allowing exporters and importers across markets to benefit from direct access to widebody cargo capacity. Some […]
The National Transportation Safety Board (NTSB) has released a Marine Accident Brief about an accident that occurred on April 15, 2019, involving the towing vessel DeJeanne Maria which struck the end of a submerged dredge pipeline while pushing two spud barges to the Gulf of Mexico. The incident occurred on the Mississippi River in Pass […]