Korea to order PTCT newbuilds
Local media in Korea is reporting that Glovis Co, the logistics subsidiary of Hyundai Kia Automotive Group, will order three 6,000-unit pure car/truck carriers (PCTCs). Glovis will invest a total of $191.5 million for the vessels due for delivery in the first half of 2012.
While the yard has not officially been announced, local media suggest Hyundai Heavy Industries is in pole position. Glovis plans to transport 440,000 export cars for Hyundai Kia Group in 2010. This will account for roughly 20% of the total exports of the group. The PCTC segment has been one of the hardest hit since September 2008, seeing large numbers scrapped and orders cancelled.
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