EUKOR Car Carriers, a subsidiary of Wallenius Wilhelmsen, has secured a renewed and expanded contract with Hyundai Motor Car and Kia Motor Car corporations.
The landmark agreement, valued at USD 4.2 billion over its duration, represents a significant expansion in both scope and length. The contract extends from three to five years and increases EUKOR’s share of Korean exports from 40% to 50%.
“The contract confirms Wallenius Wilhelmsen’s strong position in Korea and cements our long-term partnership with Hyundai Motor Group,” said Lasse Kristoffersen, President & CEO of Wallenius Wilhelmsen.
The deal also includes additional export volumes from China, strengthening EUKOR’s presence in Asia’s automotive logistics sector. EUKOR, which operates approximately 67 specialized Pure Car and Truck Carriers (PCTC), continues to be a crucial partner for Hyundai and Kia Motors’ vehicle exports from their Korean plants.
Xavier Leroi, EUKOR’s CEO and head of the Shipping segment at Wallenius Wilhelmsen, emphasized the significance of the agreement, describing it as “nothing short of historic for EUKOR and Wallenius Wilhelmsen.”
Wallenius Wilhelmsen, the parent company, maintains its position as a global leader in roll-on/roll-off shipping and vehicle logistics, operating approximately 125 vessels across 15 trade routes, connecting six continents.
The existing put and call agreement regarding HMG’s 20% ownership share in EUKOR remains unchanged and was not part of the contract negotiations.
Source: gCaptain
