Korea Line Corporation Signs 73 Billion Won Charter-Out Contract for Car Carrier with Hyundai Glovis

[Financial News] Korea Line Corporation, an affiliate of SM Group’s shipping division, has signed a long-term charter-out contract for a pure car and truck carrier (PCTC) with Hyundai Glovis.
Korea Line Corporation announced on the 2nd that it had signed a long-term charter-out contract for a PCTC with Hyundai Glovis. The contract will run for five years and four months starting in November this year. Its value is 73 billion won, equivalent to 5.7% of Korea Line Corporation’s consolidated revenue last year.
Korea Line Corporation plans to purchase a used PCTC and charter it out. This will bring the number of PCTCs under long-term charter to Hyundai Glovis to two. The company’s ship-management capabilities and trust built through maintaining PCTC contracts since 2015 provided the foundation for the additional contract.
Min Sang-gi, CEO of Korea Line Corporation, said, "We will respond nimbly to changing trends and uncertainties in the global shipping market. We will identify new businesses that meet both stability and profitability, while continuing strategic investments to drive future growth and enhance shareholder value."

[email protected] Kim Yun-ho Reporter