Hankook Tire Signs Long-Term Maritime Transport Contract with Global 5th Largest Shipping Company 'Hapag-Lloyd'

3-Year Contract from January Next Year to December 2024... Export Issues Eased

Lee Soo-il, President and CEO of Hankook Tire (right), and Hans Scheffer, Vice President and Head of Hapag-Lloyd Asia Regional Headquarters, signed a long-term maritime transportation contract on the 7th and are taking a commemorative photo.

Photo by Hankook Tire

[Asia Economy Reporter Ki-min Lee] Hankook Tire & Technology announced on the 8th that it held a business agreement ceremony for a long-term maritime transportation contract with the German shipping company Hapag-Lloyd AG at the Hankook Tire headquarters Technoplex in Pangyo, Gyeonggi-do.

The ceremony was attended by Soo-il Lee, CEO of Hankook Tire, Jong-ho Park, President of Management Support, Hans Scheffer, Vice President and Head of Hapag-Lloyd Asia Regional Headquarters, and Min-kyu Choi, CEO of Hapag-Lloyd Korea, among others.

Hapag-Lloyd, established in 1847, is currently Germany's largest container liner company through mergers and acquisitions. It currently ranks 5th in the world in terms of fleet capacity.

According to this long-term contract, the agreement between the two companies will be extended for three years from January next year to December 2024. Hankook Tire has maintained business with Hapag-Lloyd for about 20 years, supplying export volumes worldwide.

Since this contract was made amid the recent global shortage of shipping capacity and containers and the increase in maritime freight rates, Hankook Tire has gained some relief in export issues.

The recent upward trend in global maritime freight rates continues, maintaining a difficult situation. The Shanghai Containerized Freight Index (SCFI), which represents the overall level of maritime container freight rates, reached 4727.06 points as of the 3rd, surpassing the 4700 mark. This is the first time since the SCFI statistics were first compiled in October 2009.

A Hankook Tire official said, "We will continue to do our best to ensure smooth procurement of export volumes even in difficult maritime transportation conditions through partnerships not only with Hapag-Lloyd but also with various domestic and international shipping companies."

This content was produced with the assistance of AI translation services.