Hyundai Glovis secures private loading space in German port

Hyundai Glovis's car carrier Glovis Crown anchored at the port of Bremerhaven in Germany. [HYUNDAI GLOVIS]

Hyundai Glovis formed a joint venture with German logistics company BLG Logistics to build a private loading space in the port of Bremerhaven in Germany.

The new joint venture is called is BLG Glovis BHV.

Of the 11 auto shipping companies that use the Bremerhaven port, Hyundai Glovis is the first one to secure its own loading space, the company said.

Through the joint venture, Hyundai Glovis plans to build three berths at the port and an additional 100,000-square-meter open storage yard that is able to accommodate some 5,000 vehicles.

Bremerhaven port is considered one of the world’s biggest harbors for auto shipping, with some 2 million vehicles passing through over the past three years, the Korean logistics company said.

Volkswagen, Mercedes-Benz and BMW are among the major auto companies that use the German port.

Through the newly built space, Hyundai Glovis, 4.9 percent owned by Hyundai Motor, plans to diversify its client portfolio away from Hyundai Motor, Kia and Genesis.

Last year, it signed a $432.4 million contract with Volkswagen Group to transport its cars from Europe to China through 2024.

“By establishing private loading spaces and operating the world’s second biggest fleet of ships, Hyundai Glovis will continue to raise the efficiency of ship operations through continuous infrastructure investment,” the company said Wednesday.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]