EUKOR Car Carriers , part of theWallenius Wilhelmsen group, has renewed its contract with Hyundai Motor Car andKia Motor Car corporations, increasing both duration and volumes. "The contract confirms Wallenius Wilhelmsen`s strong position inKorea and cements our long-term partnership withHyundai Motor Group ," saysLasse Kristoffersen , President & CEO ofWallenius Wilhelmsen . "The contract is nothing short of historic for EUKOR andWallenius Wilhelmsen ," saysXavier Leroi , EUKORs CEO and heading the Shipping segment atWallenius Wilhelmsen . The new contract contains two major changes from the previous one. The duration has been increased from three to five years and the share of Korean exports has been increased from 40% to 50%. The agreement also entails additional volumes exported fromChina . The total estimated net freight revenue isUSD 4.2 billion over the duration of the contract. The freight rate increases are in line with market rates for a contract of this nature. The put and call agreement linked to HMG's 20% ownership share in EUKOR remains in place and has not been discussed as part of the negotiations. For further information, please contact: Anders Redigh Karlsen - VP Global IR & Market Insight Tel: +47 994 20 293 Email: anders.karlsen@walwil.com Idha Toft Valeur - Media Contact Tel: +47 406 05 210 Email: idha.valeur@walwil.com AboutWallenius Wilhelmsen : TheWallenius Wilhelmsen group is a market leader in roll-on/roll-off (Ro-Ro) shipping and vehicle logistics, managing the distribution of cars, trucks, rolling equipment and breakbulk to customers all over the world. The company operates around 125 vessels servicing 15 trade routes to six continents, a global inland distribution network, 66 processing centers and eight marine terminals. With a head office inOslo, Norway , theWallenius Wilhelmsen group has 9,500 employees working across 28 countries worldwide. Read more at: walleniuswilhelmsen.com About EUKOR: EUKOR operates a large and modern fleet of about 67 specialized Pure Car and Truck Carriers (PCTC). One of the company's key business is the export ofHyundai andKia Motors' vehicles from their plants inKorea , while also serving most other global automotive leaders. The company is a subsidiary of theWallenius Wilhelmsen group, part-owned with HMG (80%/20%).
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