EUKOR Car Carriers Signs $4.2 Billion Deal With Hyundai & Kia To Expand Vehicle Exports

EUKOR Car Carriers, part of Wallenius Wilhelmsen, has signed a $4.2 billion contract with Hyundai Motor Company and Kia Motors to expand vehicle exports.

The deal extends the partnership from three to five years and increases EUKOR’s share of Hyundai and Kia’s exports from 40% to 50%.

It also adds more export volumes from China, strengthening EUKOR’s position in Asia’s automotive logistics market.

Wallenius Wilhelmsen’s CEO, Lasse Kristoffersen, said the agreement confirms their strong position in South Korea and long-term partnership with Hyundai Motor Group.

EUKOR operates 67 specialised car carriers and plays a key role in shipping Hyundai and Kia vehicles from South Korea. Xavier Leroi, EUKOR’s CEO, called the contract a “historic milestone”.

Wallenius Wilhelmsen, the parent company, operates 125 vessels across 15 trade routes worldwide and has ordered 14 new car carriers from Chinese shipyards to enhance its fleet.

The agreement does not change Hyundai Motor Group’s 20% ownership in EUKOR, which was not part of the recent negotiations.

Reference: Euronext

Source: Maritime Shipping News