EUKOR secures historic Hyundai Motor Group contract renewal
As we begin the new year, EUKOR is pleased to announce the successful renewal of its contract with Hyundai Motor Group (HMG). This milestone agreement further strengthens the enduring partnership between EUKOR, Wallenius Wilhelmsen, Hyundai Motor Company, and Kia Corporation, setting the foundation for continued growth and collaboration in the years ahead.
The successful renewal of the contract with Hyundai Motor Group (HMG) marks a significant milestone for both EUKOR and Wallenius Wilhelmsen. This agreement underscores our ongoing commitment to providing reliable, innovative, and sustainable shipping solutions, while further strengthening our long-term partnership with Hyundai Motor Group.
Key Highlights of the New Contract
The renegotiated contract brings several notable enhancements:
○ Extended Duration: The contract now spans five years, up from the previous three.
○ Increased Korean Exports: The share of Korean exports has risen from 40% to 50%.
○ Additional Cargo from China: New cargo volumes will also be exported from China.
○ Revenue Impact: The contract is estimated to generate USD 4.2 billion in net freight revenue over five years, with rates aligned to market conditions.
○ Optimized Trade Split: Include a new trade route to Australia.
A Collaborative Achievement
This milestone reflects the outstanding efforts of EUKOR’s negotiation team, led by Joohun Chi, SVP Partners & Local Authority Relations, with strong support from the Shipping Product Development & Contracting team and business operations teams. Their strategic vision and unwavering commitment played a pivotal role in securing this groundbreaking deal.
As we embark on this new chapter, we remain focused on ensuring the seamless delivery of our customers’ cargo while advancing sustainable shipping practices.
With a steadfast commitment to reliability, efficiency, and environmental responsibility, we aim to support our customers’ success and drive a greener future for global trade. This renewed partnership underscores our dedication to innovation, sustainability, and progress across the global logistics industry.
"The contract is nothing short of historic for EUKOR and Wallenius Wilhelmsen," said Xavier Leroi, CEO of EUKOR and COO of the Shipping Services at Wallenius Wilhelmsen.
Lasse Kristoffersen, President & CEO of Wallenius Wilhelmsen, added, "This contract reaffirms our strong position in Korea and solidifies our long-term partnership with Hyundai Motor Group."
