9 Jun 2020
Wallenius Wilhelmsen Signs Multi-Year Contract with Top Korean Construction Machinery Company
Topics: 2 year extension, 3 year contract, construction machinery company, Reduced Carbon Freight Service, USD 290 million, Wallenius Wilhelmsen
Pia Synnerman
Wallenius Wilhelmsen recently signed a significant 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 USD 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,” says Pia Synnerman, Chief Customer Officer at Wallenius Wilhelmsen. “The contract includes Wallenius Wilhelmsen’s Reduced Carbon Freight Service, whereby customers can typically reduce their Scope 3 CO2/GHG supply chain emissions by approximately 20-25% through the utilization of B30 Biofuel.
Synnerman adds, “We are witnessing a transformation in customers’ sense of urgency regarding the need to decarbonize their supply chains. Customers are partnering up with us and are increasingly committed to securing more sustainable solutions, such as biofuel.”
The unamed client is likely to be either Hyundai or Doosan.
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