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Korea Line Corporation announced the signing of a long-term charter contract with Hyundai Glovis for a Ro-Ro vessel. The agreement reached a value of USD 53,796,751.
Details of this milestone were provided on the Korean shipping company's website, where it was reported that "the contract will last five years and four months, starting in November. Before the contract takes effect, Korea Line plans to acquire a second-hand PCTC for use under the agreement. This will increase the number of long-term chartered PCTC (Ro-Ro) vessels by Korea Line from one to two."
"Korea Line attributed the signing of the new contract to its proven ship management capabilities and the strong relationship of trust it has forged with Hyundai Glovis through their collaboration in the PCTC (Ro-Ro) sector, which has been maintained since 2015. Under the long-term charter contract, Hyundai Glovis is responsible for the commercial operation of the vessel, while Korea Line manages the vessel and crew," the publication added.
Regarding this, the company's CEO, Sang-ki Min, stated that "this contract with Hyundai Glovis provides us with a new stable source of revenue, while laying the groundwork for further expansion of our PCTC business. We will respond quickly to changing trends and uncertainty in the global maritime market, identify new business opportunities that offer stability and profitability, and continue to make strategic investments to drive future growth and increase shareholder value," he concluded.
