EUKOR Car Carriers receives contract extension from Hyundai Motor Company and Kia Motors Corporation

Nordic Business Report, April 17, 2008

NORDIC BUSINESS REPORT-17 April 2008-EUKOR Car Carriers receives contract extension from Hyundai Motor Company and Kia Motors Corporation(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian shipping group Wilh Wilhelmsen ASA (OSE:WWI) said on Thursday (17 April) that its partly-owned Korean company EUKOR Car Carriers has received an extension to its freight contract with the Korean car makers Hyundai Motor Company and Kia Motors Corporation.

The new agreement is valid until 2016 and can be extended by a further four years.

Under the agreement EUKOR will handle 100% of Hyundai's and Kia's outward freight volume until 2010, after which it will continue to transport a majority of the volume.

In 2007 EUKOR transported some 2m cars for Hyundai and Kia.

EUKOR is owned by Wilh Wilhelmsen (40%), Wallenius Lines (40%), Hyundai and Kia.

Wilh Wilhelmsen, headquartered in Norway, is a global shipping, logistics and maritime services group operating a fleet of some 150 ships. The company has 13,300 employees in 70 countries and reported revenue of USD2.6bn in 2007.

One British pound (GBP) is worth approximately 1.98 US dollars (USD).

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