Hyundai Glovis (086280) will extend its dedicated land lease at the Port of Philadelphia, a key finished-vehicle logistics hub on the U.S. East Coast, through 2056 and move into new site development and vehicle terminal operations.
The company said on the 19th that it signed a memorandum of understanding on the 16th with the Philadelphia Regional Port Authority in Pennsylvania and a local developer to cooperate on port expansion and finished-vehicle terminal operations.
Under the MOU, Hyundai Glovis will take part in the port authority's expansion project as a partner in finished-vehicle logistics. It plans to secure a new berth dedicated to car carriers and enter the vehicle terminal operations business. The agreement also covers securing a new logistics site within the port and extending the existing dedicated land lease through 2056.
Hyundai Glovis has run finished-vehicle import and export logistics at the Port of Philadelphia since 2010. In 2019, it opened Southport, a dedicated vehicle yard spanning about 640,000 square meters, broadening its base there. It currently operates roughly 1 million square meters of finished-vehicle logistics space at the port with capacity to store 33,600 vehicles. Once the new site is developed, operating space is expected to expand to about 1.12 million square meters and storage capacity to 37,600 vehicles.
The Port of Philadelphia serves as Hyundai Glovis' logistics hub on the U.S. East Coast. When operations at the Port of Baltimore halted after the collapse of the Francis Scott Key Bridge in Maryland in 2024, the company used Philadelphia as an alternative base and kept vehicle logistics running without disruption.
With the MOU, Hyundai Glovis plans to expand a business built around vehicle transport and storage into car carrier terminal operations. The move is intended to strengthen its end-to-end integrated logistics capabilities spanning ocean shipping, terminal operations, storage and inland transport.
The company also plans to broaden its scope beyond finished vehicles into high and heavy cargo such as commercial vehicles and construction equipment, as well as engineering, procurement and construction project logistics, while expanding its Atlantic route business.
"We plan to develop Philadelphia into a core hub of our U.S. East Coast logistics supply chain," a Hyundai Glovis official said. "Through this, we will provide customers with more stable and efficient integrated logistics services."