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EUKOR Contract Extended
Thursday, April 17, 2008
Wilh. Wilhelmsen ASA's (WW) partly owned Korean shipping company EUKOR Car Carriers has agreed with Hyundai Motor Company (HMC) and Kia Motors Corporation (KMC) to extend the freight agreement entered into in 2002 when EUKOR was established. EUKOR is owned by WW and Wallenius Lines (40% each) and HMC and KMC (20%). The new freight agreement runs until 2016, with an intention for a further four year extension. Under the new agreement, EUKOR will lift 100% of the volumes out of Korea until 2010. After this, EUKOR will carry the majority of the volume.
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