Norway-headquartered shipping company Wallenius Wilhelmsen recently signed a multi-year shipping contract with Korea’s leading construction machinery company.
The new agreement, which has a duration of three years, plus a two-year extension option, is valued at approximately US$290 million based on expected volumes over the three-year period. The contract commenced in January 2024, with rates in line with current market levels.
“This multi-year contract further strengthens our partnership with one of our key customers in the high and heavy segment, extending predictability for both the customer and Wallenius Wilhelmsen,” stated Pia Synnerman, chief customer officer at Wallenius Wilhelmsen.
Additionally, Wallenius Wilhelmsen inked significant contracts with a leading global construction and mining equipment manufacturer, as well as with one of the largest automotive distributors in the Americas.
The multi-year shipping contract with one of the world’s leading construction and mining equipment manufacturers has also a duration of three years, plus a two-year extension option. The contract is valued at approximately US$1 billion in total, based on expected volumes over this period.
The renewed agreement commenced in November 2023, with amended rates in line with current market levels.
Moreover, the company recently signed a multi-year shipping contract with one of the largest automotive distributors in the Americas. The contract, which commenced in early 2024, is valued at approximately US$200 million based on anticipated volumes over a two-year period.
“Continuing our positive start to 2024, these two separate, significant multi-year contracts further strengthen our existing partnerships with key customers in the high and heavy and automotive segments, extending predictability for both the customer and Wallenius Wilhelmsen,” said Pia Synnerman.
