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EUKOR Car Carriers Secures Landmark $4.2 Billion Contract with Hyundai and Kia

Maggie Johnson

By Maggie Johnson

December 30, 2024


Image Credit: “EUKOR Car Carriers Fotos-Schiffbilder.de,” available at Yahoo Images (12/30/2024).

EUKOR Car Carriers, a subsidiary of Wallenius Wilhelmsen, has secured a monumental $4.2 billion contract renewal with Hyundai Motor Company and Kia Corporation. This historic agreement not only significantly broadens the partnership's scope and duration, extending the contract from three to five years, but also marks a significant milestone in the automotive logistics and shipping industry. The increase in EUKOR's share of Korean automotive exports from 40% to 50% is a testament to the industry's growth and the trust placed in EUKOR's capabilities.

"This contract underscores Wallenius Wilhelmsen's strong presence in Korea and solidifies our enduring partnership with Hyundai Motor Group," stated Lasse Kristoffersen, President & CEO of Wallenius Wilhelmsen.

The agreement also incorporates additional export volumes from China, enhancing EUKOR's footprint in Asia's competitive automotive logistics market and paving the way for further growth. EUKOR, which operates a fleet of approximately 67 Pure Car and Truck Carriers (PCTC), plays a vital role in Hyundai and Kia Motors' global vehicle exports from their Korean production facilities.

Xavier Leroi, CEO of EUKOR and head of the Shipping segment at Wallenius Wilhelmsen, highlighted the deal's importance, calling it "a truly historic moment for EUKOR and Wallenius Wilhelmsen."

Wallenius Wilhelmsen continues to expand its influence as a global leader in roll-on/roll-off shipping and vehicle logistics. The company operates a fleet of roughly 125 vessels across 15 trade routes, connecting six continents.

The contract does not affect the existing put-and-call agreement regarding Hyundai Motor Group's 20% ownership share in EUKOR, which remains unchanged and was not part of the latest negotiations.

This groundbreaking deal reaffirms EUKOR's critical role in supporting Hyundai and Kia's international growth and underscores Wallenius Wilhelmsen's unwavering commitment to innovation and excellence in automotive logistics.

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