Hyundai Glovis, the logistics arm of Hyundai Motor Group, said Oct. 28 that it had ordered four car carriers at Hyundai Mipo Dockyard.

The vessels are worth KRW334.7bn (US$295m) and will be delivered by Dec. 27, 2017.

Hyundai Glovis said in a Korea Exchange filing that the newbuildings would strengthen its car-carrying business for third parties.

On the same day, the company announced shipping contracts with its parent company and affiliate Kia Motors Corporation, worth KRW738.8bn and KRW633.77bn respectively.

Hyundai Glovis is apparently looking at shipping cars for non-Korean carmakers, as import demand for South Korean vehicles has been waning.

On Oct. 28, the company said its third quarter of 2015 profit plunged 82% year on year (y/y) to KRW15.7bn.

In September, South Korea's vehicle exports rose 3.5% y/y to 203,762 units while imports rose 37% to 24,323 units.

IHS Automotive said that the weaker yen has put pressure on the export competitiveness of South Korean-made vehicles. This will intensify with the recent signing of the Trans-Pacific Partnership to which Japan and South Korea are parties.