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.
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