South Korea's Hyundai Glovis secures $720 million LNG transport contract SEOUL, November 27 (AJP) - Hyundai Glovis said on Thursday it has signed a long-term liquefied natural gas (LNG) shipping contract worth about 960 billion won ($720 million) with a major global trading company, marking one of the largest gas-transport deals in the company’s portfolio. The contract, which runs for up to 15 years, will be serviced by a newly built 174,000-cubic-meter LNG carrier — a vessel large enough to transport more than half of South Korea’s daily LNG consumption in a single voyage. The ship will be equipped with advanced cryogenic storage systems capable of maintaining LNG at –162 degrees Celsius. Beginning in 2029, the carrier will ship LNG from the U.S. Gulf Coast to major global markets. Hyundai Glovis said the deal will help strengthen its position in the expanding global gas shipping sector and support stable international energy supply chains. The LNG shipping industry relies on sophisticated cryogenic technology and strict safety management. The International Energy Agency’s Gas 2025 report projects global LNG trade to grow by 300 billion cubic meters by 2030, a roughly 40 percent increase from 2023, driven by the diversification of energy supply chains and rising maritime transport demand. Hyundai Glovis is seeking to diversify beyond its core automobile transport business into LNG, LPG, and ammonia shipping. Since 2024, it has operated one LPG and one LNG carrier, and it plans to introduce four additional LNG vessels by 2027 to service Middle Eastern clients. “We will continue expanding our fleet to strengthen competitiveness in the LNG shipping market and broaden our global customer network,” a company spokesperson said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 09:45:07

Saewol ferry-like tragedy avoided as no casualties reported in a South Korean ferry disaster SEOUL, November 20 (AJP) - All 267 passengers and crew aboard the Queen Jenuvia II were safely rescued by 11 p.m. Wednesday, within hours after the 26,546-ton ferry ran aground near an uninhabited rock islet off South Korea’s southwestern coast as the Coast Guard rushed to the scene, mindful of preventing any repeat of the 2014 Sewol ferry disaster that killed more than 300 people. The ferry, carrying 246 passengers and 21 crew members, struck Jok Islet near Jangsan Island in Sinan County, 366 kilometers south of Seoul, at around 8:16 p.m., according to the Coast Guard. The vessel had departed Jeju at 4:40 p.m. bound for Mokpo before its bow rode up onto the rocky outcrop, shutting down the engines and leaving the ship listing more than 15 degrees to the left. Half of the hull was said to have climbed onto the islet. No serious injuries were reported, though 27 people complained of pain from the impact, including a pregnant woman and several elderly passengers. All passengers were transported to Mokpo via Coast Guard vessels and a coastal rescue craft. Rescue operations involved 17 patrol ships, four coastal rescue vessels, a fixed-wing plane and special response personnel. Commissioner General Kim Yong-jin said human error was suspected but emphasized that a full investigation was needed. President Lee Jae Myung, currently traveling in the Middle East, ordered an all-out rescue response and instructed officials to keep the public updated in real time. Passengers described a sharp, sudden jolt when the ferry ran aground. One reported that “the bow climbed onto the island,” prompting the initial emergency call. Photos and videos posted online showed tilted interiors and items scattered across floors. Despite the impact, officials said there were no signs of flooding, fire or fuel leakage on board. Experts noted that the accident occurred during low tide, when reefs around Jokdo rise closest to the surface, increasing the likelihood that the crew may not have detected the obstruction in time. Authorities will inspect the hull for punctures or flooding and question the crew, including the captain, to determine the cause of the grounding. The Queen Jenuvia II, formerly operating as the Beyond Trust on the Incheon–Jeju route, had faced service suspensions in the past before being reassigned to the Jeju–Mokpo corridor. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-20 05:52:18

Consumers turn to used cars as new compacts remain scarce SEOUL, November 16 (AJP) - As the economic downturn deepens, consumers are turning to used cars, while new small and compact models stay off the market. According to sales figures released on Sunday by the country's five major automakers Hyundai, Kia, GM Korea, Renault Korea, and KG Mobility, the combined sales of small vehicles in the first ten months of this year stood at around 60,000 units, down 27.3 percent from the same period last year. If this trend continues, annual sales are likely to hit a record low of about 70,000 units, falling below 100,000 units for the second consecutive year. No new small or compact models have been launched since 2023. The only models currently available are Hyundai's entry-level sport utility vehicle (SUV) Casper and Kia's compact models, the Ray and the Morning. Following the discontinuation of Chevrolet's Spark, one of the key models that had led the compact car market until a few years ago, sales of the Casper, which had been popular with over 30,000 units sold annually, have dropped sharply, with only 6,725 units sold from January to October this year. The decline is attributed to the lack of new compact models and the growing popularity of SUVs, fueled by rising interest in leisure activities such as camping. But compact cars remain in demand on the used car market. According to Market tracker Carisyou, he Morning and Spark were the top two models in used car transactions during the third quarter of this year. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-16 11:28:01

Hankook Tire to supply tires for Volkswagen's new Tayron SUV SEOUL, November 13 (AJP) - South Korea’s Hankook Tire & Technology said on Thursday that it will supply original equipment tires for Volkswagen’s new crossover SUV, the Tayron. The new Ventus Evo SUV tires were developed in close technical collaboration with Volkswagen and are designed to deliver a quieter, more comfortable ride. Hankook said the tires feature an AI-developed compound that optimizes both performance and stability, while a specialized cuff design and tie-bars on the shoulder blocks reduce road noise. Advanced aramid materials and a redesigned tread pattern help improve handling and cornering performance at high speeds — attributes verified during testing at Germany’s Nürburgring Nordschleife, one of the world’s most demanding race circuits. The Ventus Evo SUV tires will be supplied in five sizes, from 18 to 20 inches, for the Tayron. Hankook Tire has been a key supplier to the Volkswagen Group, whose brands include Audi, Porsche, and Cupra. This year, Hankook began supplying tires for Volkswagen’s Tiguan, Porsche’s electric SUV Macan, and Cupra’s electric hatchback Born. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-13 13:36:56

Carbon-neutral hydrogen seaport eyed in South Korea's Pyeongtaek SEOUL, November 11 (AJP) - Hyundai Motor Group has signed an agreement with the municipal government of Pyeongtaek City in Gyeonggi Province to build South Korea’s first carbon-neutral hydrogen port. Under the agreement, the city government plan to introduce hydrogen fuel cell generators, expand the use of eco-friendly port vehicles and equipment, and promote the import of green ammonia — a potential source of clean hydrogen. The project will also explore hydrogen-powered shore power systems, allowing ships docked at Pyeongtaek Port to draw electricity from hydrogen fuel cells instead of running their engines, cutting both emissions and energy costs. The memorandum of understanding, signed Tuesday at Pyeongtaek City Hall, brought together Hyundai Motor, Kia, Hyundai Glovis and local authorities to establish hydrogen production, storage and fueling infrastructure at the port, one of South Korea’s key logistics hubs. Hyundai will lead the hydrogen technology initiatives, while Kia and Hyundai Glovis will oversee hydrogen-related operations at the port. Pyeongtaek City will be responsible for building hydrogen production infrastructure, and local agencies will work to streamline regulations. “This partnership demonstrates how the public and private sectors can work together to achieve South Korea’s hydrogen port and city policy goals,” said Ken Ramirez, executive vice president of Hyundai Motor Group, in a statement. “It is a major step toward establishing eco-friendly power infrastructure within a port for the first time in the country.” Designated as a “hydrogen city” in 2023, Pyeongtaek is developing a large-scale hydrogen pipeline connecting the harbor with the Gyeonggi Free Economic Zone. Hyundai has already begun testing hydrogen-powered vehicle transporters between its Asan manufacturing plant and Pyeongtaek Port as part of efforts to reduce logistics emissions. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-11 16:31:23

South Korea's KGM launches eco-friendly cars in Israel, Turkey SEOUL, November 06 (AJP) - South Korea's KGM is stepping up its global expansion drive with the rollout of new eco-friendly vehicles in Israel and Turkey, as the automaker seeks to strengthen its foothold in key overseas markets. On Nov. 5, the company introduced its Torres Hybrid (HEV) at a launch event held at the Shefayim Event Hall near Tel Aviv. The ceremony was attended by KGM’s Head of Overseas Business, Lee Byung-gil, along with about 40 Israeli journalists. The debut marks KGM’s second major overseas launch in recent months. In September, the company unveiled its Musso EV and Torres HEV in Germany. Israel has emerged as a promising market for eco-friendly cars, fueled by rising fuel costs, higher taxes on combustion engines, and government incentives favoring low-emission vehicles. KGM said it expects the Torres Hybrid to help accelerate its growth across Europe and the Middle East. In late October, the automaker also launched the Musso EV in Istanbul. KGM’s sales in Turkey have surged fivefold, from 2,217 vehicles in 2023 to 11,870 last year, earning the brand recognition as one of the country’s fastest-growing automotive names. The company’s overall exports have been robust this year. As of October, KGM shipped 57,436 vehicles abroad — an 18 percent increase from 48,691 units during the same period a year earlier and the highest level in more than a decade. Eco-friendly models, including the Musso EV and Torres HEV, have played a pivotal role in that momentum, with 1,952 units exported in October alone, accounting for nearly a third of total sales. “With exports at an 11-year high, we will continue to introduce new products tailored to individual markets and pursue differentiated marketing strategies to drive further growth,” a KGM representative said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 13:53:22

South Korea opens direct air route to Indonesia's diving paradise Manado SEOUL, October 28 (AJP) - Eastar Jet has become the first South Korean airline to launch direct flights between Incheon and Manado, Indonesia, which is famed for its crystal-clear waters, coral reefs, and rich biodiversity. The budget carrier began operating the new route on Oct. 26, with four weekly flights scheduled through mid-December. Starting Dec. 16, the service will increase to daily operations. Tickets and travel packages are now available through local travel agencies, the company said Tuesday. Manado, the capital of Indonesia’s North Sulawesi province, is home to more than 1,300 marine species and 370 varieties of living coral, earning it a reputation as one of the world’s top three diving locations. To mark the route’s launch, Eastar Jet signed a letter of intent on Tuesday with the provincial government of North Sulawesi to promote tourism and sustainable development in the area. The signing ceremony was attended by Lee Kyung-min, Eastar Jet’s commercial director, and Julius Selvanus, the governor of North Sulawesi. Under the agreement, the two parties will collaborate to promote tourism exchange, and support local communities through environmentally sustainable initiatives. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 14:29:58

GM's plan to close service centers reignites rumors of exit from South Korea SEOUL, October 17 (AJP) - GM Korea’s plan to sell its directly operated service centers has ignited a labor dispute and stirred speculation about the automaker’s long-term commitment to South Korea. The company, a subsidiary of U.S.-based General Motors, said the decision stems from weak domestic sales and chronic financial losses. In May, GM Korea announced plans to sell nine service centers and idle land at its Bupyeong plant in Incheon — a move it has not reversed despite union opposition. Industry observers say the decision could erode consumer trust and worsen perceptions of GM’s brand reliability in South Korea, particularly as its service centers have played a vital role in handling recalls and warranty issues for Chevrolet and Cadillac vehicles. The move has also revived rumors that GM may be preparing to scale back or eventually exit the South Korean market, a fear that has periodically resurfaced since the company shut down its Gunsan plant in 2018 and restructured its operations. Analysts note that reducing its direct service network could further weaken GM Korea’s capacity to maintain customer loyalty and manage quality control locally. Union leaders said they will request a three-way meeting with management and government officials in Incheon on Oct. 28 to discuss the closures. “The company is focusing solely on efficiency, ignoring workers’ livelihoods,” said Ahn Kyu-baek, head of the GM Korea union. GM Korea, however, insists it has no plans to withdraw. The company said it will maintain after-sales services through approximately 300 authorized partner repair shops nationwide. “The task force will serve as a communication channel to ease employee concerns during the sale process,” a company spokesperson said. “We aim to find reasonable solutions through cooperation with the union.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-17 10:23:43

Hyundai to face massive tariff costs if US maintains 25% rate on car exports SEOUL, October 15 (AJP) - Hyundai Motor could face massive annual costs of more than 8 trillion won if the U.S. maintains a 25-percent tariff on exports of its vehicles, according to a report by NICE Credit Rating. The report estimated Hyundai's annual tariff burden at 8.4 trillion won if South Korea remains subject to a 25-percent rate, compared to 15 percent for the European Union and Japan. This would make Hyundai's costs the highest among major global automakers, surpassing GM (7 trillion won), Toyota (6.2 trillion won), and Volkswagen (4.6 trillion won). The tariffs could also squeeze Hyundai's operating profit margin from 9.7 percent to 6.3 percent. GM trails Hyundai in tariff costs and declining profits, partly due to its manufacturing facility in South Korea, which shipped about 420,000 vehicles to the U.S. last year. If South Korea's tariff rate is reduced to 15 percent and implemented as initially agreed in July, Hyundai's tariff costs would fall to 5.3 trillion won, with an operating margin of 7.5 percent, suggesting that a swift reduction in tariffs is necessary. Despite these challenges, the report remains optimistic about Hyundai's ability to manage tariff burdens, citing its strong profitability and financial flexibility, but also warns that competitors with lower tariff rates could gain ground in the U.S. market. The potential downturn in the U.S. auto market next year makes tariff reductions more urgent, as current demand fueled by tariff-related price hikes could decline, affecting overall sales. The report concludes that declining sales in major markets combined with increased incentives would further erode automakers' profitability. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-15 09:21:24

Hyundai Motor's hydrogen truck included among TIME magazine's 'best inventions' this year SEOUL, October 10 (AJP) - Hyundai Motor's hydrogen electric truck has been named one of TIME magazine's "Best Inventions" for this year, the automaker said on Friday. The Xcient is an autonomous hydrogen-electric truck developed in collaboration with PlusAI, an American autonomous driving technology company based in California. The vehicle combines Hyundai's hydrogen platform with PlusAI's Level 4 self-driving software, SuperDrive. As the world's first mass-produced hydrogen fuel cell, heavy-duty truck, it is equipped with a 350 kW motor, a 180 kW fuel cell stack, and a 72 kWh high-voltage battery. Since its launch in 2020, it has been sold in major global markets including Germany, Switzerland, and the U.S., achieving a cumulative mileage of 15 million kilometers. In the U.S., it has been tested at Hyundai's plants and logistics hubs in Georgia and northern California. Hyundai expects the Xcient to drive the popularity of hydrogen trucks and spur infrastructure development, thanks to its fast charging, long range, and zero emissions. "Our collaboration with PlusAI to build a sustainable long-haul freight ecosystem has led to the Xcient's recognition by TIME," said Park Cheol-yeon, a Hyundai executive. The U.S. magazine annually recognizes innovations that make "the world better, smarter, and more fun." This year's list features 300 "groundbreaking inventions," evaluated on key factors such as "originality, efficacy, ambition, and impact." * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-10 10:13:04