Hyundai Glovis is participating in the development of the Philadelphia port, a key logistics hub on the U.S. East Coast, aiming to establish a logistics center in the northeastern United States. The company plans to extend its finished vehicle logistics site contract until 2056 and enter the terminal operations business.
On October 19, Hyundai Glovis announced that it has signed a memorandum of understanding (MOU) with the Philadelphia Port Authority and local developers regarding these plans.
Under the agreement, Hyundai Glovis will secure a dedicated berth for new car carriers and enter the finished vehicle terminal operations business. The extension of the existing site contract until 2056 is also included.
Since 2010, Hyundai Glovis has operated finished vehicle import and export logistics at the Philadelphia port. Currently, it manages a logistics site of approximately 1 million square meters (about 300,000 pyeong) with a capacity to store 33,600 vehicles. Once the new site development is completed, the operational area is expected to expand to about 340,000 pyeong, increasing vehicle storage capacity to 37,600.
With this agreement, Hyundai Glovis plans to enhance its integrated logistics services, covering everything from maritime transport to terminal operations, storage, and inland transportation. The company also intends to broaden its business scope to include heavy cargo such as commercial vehicles and construction machinery, as well as logistics for large-scale projects.
A Hyundai Glovis official stated, "We plan to develop Philadelphia into a core hub of the logistics supply chain in the eastern United States, thereby providing more stable and efficient integrated logistics services."
* This article has been translated by AI.
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