Hyundai Group’s Glovis logistics unit is to shift its shipping business focus from car carriers to bulk carriers to increase business outside the automotive group.

The shipping unit accounts for one sixth of Glovis’ business and the move is seen as the company’s commitment to be free from the controversy that it is involved in cross-affiliate deals by handling most of the shipping of the Hyundai and Kia Automotive Group.

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Kim Kyung-bae, chairman of Hyundai Glovis, told reporters: “[The] auto carrier business alone will not bring us so far. We will shift our focus toward bulk carriers which hold greater potential.”

Under its ‘2020 business vision,’ Glovis intends to drive up the number of auto carriers from the current 50 to 100 by 2020 while bulk carriers will increase from 20 to 400 taking the fleet from 70 to 500 vessels. This will make Glovis South Korea’s largest shipping line ahead of Hanjin and STX Pan Ocean.

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