Wallenius Wilhelmsen’s car carrier operator, Eukor, has secured a new and improved contract with Hyundai Motor Group.
Wallenius Wilhelmsen said Friday that the term of the renewed deal has been increased from three to five years while the share of Korean exports will also be expanded from 40% to 50%.
The Oslo-listed company, which owns 80% of Eukor and Hyundai Motor holds the remaining 20%, said it expects the deal to bring in about $4.2bn over its duration.
“The contract confirms Wallenius Wilhelmsen’s strong position in Korea and cements our long-term partnership with Hyundai Motor Group,” said Lasse Kristoffersen, president and CEO of Wallenius Wilhelmsen.
The shipping agreement for the Hyundai and Kia car brands also entails additional volumes exported from China.