Hyundai Motor, Kia Expect No Loss From Somali Pirate Hijacking
Hyundai Motor Co., South Korea’s largest automaker, and affiliate Kia Motors Corp. don’t expect any losses after Somali pirates hijacked a vessel carrying cars last week.
“As soon as the vessel embarks, all risks related to the vessel are the responsibility of the distributor,” Hyundai said in an e-mailed response to queries. “All payments for the cars have been made, while the cars are also insured.”
Asian Glory, a car ship operated by EUKOR Car Carriers Inc., was hijacked on Jan. 1 while on its way to Saudi Arabia after departing from Ulsan, according to statement today from South Korea’s Ministry of Land, Transport and Maritimes Affairs. The vessel is owned by Zodiac Maritime Agencies Ltd. and was carrying 2,405 cars, including 2,388 from Hyundai Motor and Kia.
The hijacking was among the first successful attacks on merchant ships in the 500-mile security corridor since July. Some 20 warships from the EU, the North Atlantic Treaty Organization and other countries patrol off Somalia, concentrating on the Gulf of Aden, a chokepoint leading to the Suez Canal that’s used by 30,000 ships a year carrying about a 10th of world trade.
Somali pirates now hold at least 12 ships, according to EU Navfor information and Bloomberg calculations. The Asian Glory has 25 crewmembers, including eight Bulgarians and five Indians, and was hijacked 1,000 kilometers (620 miles) off Somalia, the South Korean ministry said.
Hyundai Motor and Kia have asked through Zodiac for a prompt and safe return of the crew, the automaker said.
Hyundai Motor dropped 2.1 percent as of 12:41 p.m. in Seoul trading. Kia, South Korea’s second-biggest automaker, rose 0.5 percent to 20,150 won.
Source: Hyundai Motor, Kia Expect No Loss From Somali Pirate Hijacking
“As soon as the vessel embarks, all risks related to the vessel are the responsibility of the distributor,” Hyundai said in an e-mailed response to queries. “All payments for the cars have been made, while the cars are also insured.”
Asian Glory, a car ship operated by EUKOR Car Carriers Inc., was hijacked on Jan. 1 while on its way to Saudi Arabia after departing from Ulsan, according to statement today from South Korea’s Ministry of Land, Transport and Maritimes Affairs. The vessel is owned by Zodiac Maritime Agencies Ltd. and was carrying 2,405 cars, including 2,388 from Hyundai Motor and Kia.
The hijacking was among the first successful attacks on merchant ships in the 500-mile security corridor since July. Some 20 warships from the EU, the North Atlantic Treaty Organization and other countries patrol off Somalia, concentrating on the Gulf of Aden, a chokepoint leading to the Suez Canal that’s used by 30,000 ships a year carrying about a 10th of world trade.
Somali pirates now hold at least 12 ships, according to EU Navfor information and Bloomberg calculations. The Asian Glory has 25 crewmembers, including eight Bulgarians and five Indians, and was hijacked 1,000 kilometers (620 miles) off Somalia, the South Korean ministry said.
Hyundai Motor and Kia have asked through Zodiac for a prompt and safe return of the crew, the automaker said.
Hyundai Motor dropped 2.1 percent as of 12:41 p.m. in Seoul trading. Kia, South Korea’s second-biggest automaker, rose 0.5 percent to 20,150 won.
Source: Hyundai Motor, Kia Expect No Loss From Somali Pirate Hijacking
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