Report: Pirates Hijack Hyundai Shipment of 2,388 Cars

Dennis Chung
by Dennis Chung

Pirates captured a vessel carrying a shipment of 2,405 cars including 2,388 units from Hyundai and its subsidiary, Kia, on New Year’s Day.

The shipment was on board a car ship named the Asian Glory while on its way to Saudi Arabia from Ulsan, South Korea, when it was seized, 620 miles off the coast of Somalia. The Asian Glory is owned by Zodiac Maritime Agencies Ltd., a London-based international shipping company.

Hyundai does not expect any financial losses from the hijacking, as the cars were already both paid for and insured, but Hyundai and Kia have asked through Zodiac for the safe return of the 25 crew members of the Asian Glory which remains anchored off the coast of Somalia. Zodiac has received confirmation the Asian Glory’s crew members are unharmed.

According to the European Union Naval Force, Somali pirates currently hold at least 12 ships.

[Source: Bloomberg]

Dennis Chung
Dennis Chung

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