EUKOR CAR CARRIERS
Celebrating 10 years in business
crisis. This slim organization still maintains its key characteristics; organizational empowerment and fast decision-making. EUKOR is a no frills company – Business comes first,’ says Mr. Galtung.
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Joint success. As with the Korean soci-
ety in general, its nation’s top automotive manufacturers – Hyundai Motor Company and Kia Motors Corporation – have changed As EUKOR Car Carriers Inc. is lining up for a grand dramatically over the past years, to the extent of becoming one of the largest automotive celebration this December, its president and CEO groups. Sjur Galtung is planning to step down from the company manufacturing Almost the same can be said about EUKOR, when comparing today’s status with the early that he has been instrumental in developing. At the age beginnings. The asset to debt ratio when first of 70, he will retire at the end of the year. established was burdening, and the fleet was tired and non-homogeneous. Driven by a Text: Atle Mikkelsen Photos: EUKOR desire to succeed, EUKOR has developed into one of the leading car carriers globally eoul, Korea: Mr. Sjur Galtung, days - to supplementing its extensive trading together with supportive shareholders and a current President & CEO of EUKOR, network with important third party cargo. solid cargo base through the success of HMC and KMC has been part of the company’s develAs a reference, non-HMC/KMC cargo only opment even before the inception as constituted about 21% of EUKOR’s annual ‘Together with focus and growth on third cargo volume back in 2003, while it today lead-negotiator for WW during the acquisiparty business came network expansion represents about 60% of its total volume of and overseas offices. These have played an tion process. As WW’s deputy group CEO at that time, his many visits to Korea were more than 4.2 million CEU’s. important role in maintaining global coverinstrumental in creating the trust and respect ‘Needless to say, the significant cargo inage - while keeping control in Seoul. Perhaps crease demanded a necessary between the partners, and during most noteworthy is the presence of the process he even learnt to appreciate the larger fleet. Morning «We have no plans to fermented Korean national dish kimshi. Concert has been ease off on the extensive EUKOR in China, joined by many sisA true veteran, he was on the company both through own ofgrowth that we have Board until he took over the helm as CEO ters since her maiden fices and a stake with experienced during our in 2010, giving him an insight into EUKOR’s voyage, both fully key partner CINKO. development that only a few share. The owned and chartered. first 10 years» We would also like story started in 2002, when partners Wilh. to highlight WWL’s EUKOR now controls Wilhelmsen, Wallenius, Hyundai Motor extensive network of commercial contacts one of the largest fleets in its segment, an achievement of which we are justly proud,’ Company and Kia Motor Corporation (HMC/ when it comes to the Europe outbound trade, KMC) acquired the car carrier division of says Mr. Galtung. which has been a key to maintaining successHyundai Merchant Marine. ful customer relations within the group,’ says Flexibility and hard work. When asked Mr. Galtung. A turning point. ‘One of my strongest about EUKOR’s success factors, Mr. Galtung memories from those 10 years was the conis quick to highlight the flexible fleet together Looking to China. Looking ahead, it might tracting of M/V Morning Concert in 2005,’ with the competent and hard-working organijust be China that will be EUKOR’s next Mr. Galtung says. ‘This was the first of two zation: key target market together with the existing deliveries from Hyundai Heavy Industries; ‘In my view, these are two crucial factors Korean business. Chinese imports are already which have established EUKOR’s leading a purpose-built vessel for long term charter booming, but perhaps the yet-to-date unreposition in the market. In addition to the with purchase option to EUKOR, and owned alized potential of export will prove vital in owners’ solid backing in the fleet developby WW. Considering the debt-to-assets ratio the years to come, despite troublesome times and the tough financial covenants for EUKOR, ment,’ he says. in parts of the world. EUKOR is in any case this really signifies one of the groundbreaking ‘The Korean society is a dynamic one, ready to take on the challenge: a fact that is reflected in the flexibility and achievements.’ Mr. Galtung closes off: ‘We have great faith adaptation our EUKOR staff has endured In fact the years from 2004 to 2008 became in our proven business model, and we have no from ever-changing market conditions to an era of expansion for EUKOR – largely plans to ease off on the extensive growth that cultural challenges with Scandinavian mabased on the extension of the Ocean Carrier we have experienced during our first 10 years. Contract with HMC and KMC in 2007. With jority shareholders. This is nothing short of We certainly hope our anniversary will be an a solid backbone cargo-base at hand, EUKOR impressive. Likewise, it was EUKOR’s flexible event to remember, as well as a happening to initiated a transition from being a pure infleet and resilient organization that became strengthen ties with owners, partners and dustrial carrier - a legacy from the HMM our smooth escape from the post Lehman customers to ensure future success.’
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1: Signing ceremony: Companies from three countries joined forces to create EUKOR, based on Hyundai Merchant Marine’s (HMM) car carrying division. From the left: CarlJohan Hagman, EUKOR’s first president and CEO, Mr. C S Jang, president HMM (today president NYK Korea), and Mr. Sjur Galtung.
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2: New Year’s ritual: Jan-Eyvin Wang performing this important ritual the traditional Korean way. Mr. Wang was EUKOR’s second president and CEO and was followed by Sjur Galtung in 2009. 3: Team players: Koreans and Scandinavians have formed a strong team feeling in EUKOR, covering both business and sports. 4: Historic moment: The delivery of MV Morning Concert was a turning point in EUKOR’s history. Among the guests at the occasion were ship owner Wilhelm Wilhelmsen and his wife Ninni (no. 3 and 4 from the left). 4
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