Hyundai Glovis, the logistics company owned by the South Korean car-making group plans to boost investment in ships.

It bought two in November last year and spent an additional US$219.6m in June this year to buy three more, boosting its fleet to 13 vessels.

Glovis is focusing on high priced vehicle carriers rather than bulk carriers as it sees rich potential in shipping cars – all the more promising considering Hyundai-Kia's exports are growing at a rapid pace.