Wallenius-Wilhelmsen Korea unit extends deal with Hyundia, Kia

Wallenius-Wilhelmsen Korea unit extends deal with Hyundia, Kia Wilh. Wilhelmsen ASA’s (WW) partly owned Korean shipping company EUKOR Car Carriers has agreed to a deal with Hyundai Motor Co. and Kia Motors Corp. to extend a freight agreement to transport export cars through 2016.
   The agreement is an extension to a contract first started in 2002, when EUKOR was established — EUKOR is owned by WW and Wallenius Lines (40 percent each) and HMC and KMC (20 percent). Under the new agreement, EUKOR will lift all volumes of the two carmakers out of Korea until 2010. After that, EUKOR will carry the majority of the volume. The agreement includes a bunker adjustment factor clause, as well as agreed mechanisms for rate adjustments to compensate for cost variations.
   In 2007, EUKOR transported about 2 million cars for HMC and KMC out of Korea.