RECENTLY in The Container Shipping Manager we have been looking extensively into the global 3PL sector—the opportunities for expansion, the structure of the market and the leading players.
In our most recent addition to this series we looked at the structure of the 3PL market in the seafreight sector, where we found the well known logistics giants of Kuehne + Nagel, Deutsche Post-DHL and DB Schenker sitting atop the rankings. But outside these companies we also saw a number of rapidly rising stars in the industry. Today we will look at one of those stars—Hyundai Glovis…
The South Korean-based 3PL is currently ranked as the eighth largest service provider in the logistics sector in the world based on revenue, according to Armstrong Associates.
Hyundai Glovis, which belongs to the Hyundai Motor Company, generated gross revenue of US$8.6 billion in 2011 (the latest full year result available at the time of writing) for a total ocean freight volume of 466,000 TEU and 17,608 metric tons in airfreight shipments.
While these figures pale in comparison to the 2.72 million TEU in seafreight and 2.47 million tons in airfreight handled by DHL in that same year, Hyundai Glovis is not necessarily competing in the same space as DHL, or Kuehne + Nagel or DB Schenker for that matter.
The company was only formed 12 years ago, yet has been able to carve out its own position in the market and claim a top 10 place among the world’s leading 3PL service providers.
Hyundai Glovis is one of the few 3PL companies today that can also act as a 1PL and 2PL, as we can see demonstrated in the below graphic.