WILH. WILHELMSEN is upping its indirect shareholding in Korea’s Hyundai Glovis, having bought three more tranches of stock in shareholder Treasure ASA in recent days.
Wilh. Wilhelmsen Holding A/S now holds 84.16% of the shares in the publicly-listed Treasure ASA which turn, through wholly-owned subsidiary Den Norske Amerikalinje AS, owns 11% of the stock in Hyundai Glovis. DAL was spun off from Wilh. Wilhelmsen Holding AS in 2016 to form Treasure ahead of listing.
Treasure ASA’s profit for the first half of 2024 was USD 46.8 million, mainly reflecting the share of profit from Hyundai Glovis. “Hyundai Glovis’ financial performance, closely tied to the light vehicle manufacturing of Hyundai Motor and Kia Motors, has shown significant resilience compared to its peers. The company’s balance sheet and dividend capacity remain robust,” the company said.
Hyundai Glovis operates over 80 PCTCs on a global network that includes Australia
Wilhelmsen, through its partnership with Wallenius in global PCTC/ro-ro/automotive logistic company Wallenius Wilhelmsen also owns 80% of EUKOR, with the other 30% held by Hyundai Motor Company and Kia Motors.
EUKOR has a large and modern fleet of specialized PCTCs, annually transporting around 3.2 million CEU for most major manufacturers as well as its Korean shareholders. Its services are integrated with those of WW and its vessels regularly seen in Australasian waters.
Late last month EUKOR signed for two post-delivery debt facilities totalling USD 450 million, which will finance two of WW’s new “Shaper” class vessels. WW has 12 of these vessels on order and recently announced it would upsize four from 9300 CEU to approximately 11,300 CEU, making them the world’s largest.
WW also majority owns NZ-based Armacup, which runs PCTCs between Asia, East Coast Australia, NZ and the South Pacific.
