South Korean shipping firm Eukor Car Carriers has agreed with Hyundai Motor Group to carry Hyundai and KIA vehicle exports from Korea for further four years.
The new period commences from January 2016, through to December 31, 2019, with volume portion adjusting from 50% in the first two-year period, to 40% of the exports in the second two-year period. Details of the contract are still be to be finalized.
In 2014, the Seoul-based Eukor transported approximately 4.6 million units of which 1.7 million where on behalf of Hyundai and Kia.
Hyundai Motor and Kia Motors hold a 20% stake in Eukor, with the Norwegian shipping company Wilh.Wilhelmsen and Swedish shipping group Wallenius Lines controlling 40% of the company’s shares each.
The value of the new contract has not been disclosed.