Hankook Tire secures container stability through Hapag-Lloyd deal

Ocean freight is in the midst of a predicament. The global shortage of shipping containers, primarily caused by the COVID-19 pandemic, has led to continued port congestion and freight prices at all-time highs. Hankook Tire & Technology has worked with Hapag-Lloyd AG, the world’s fifth largest liner shipping company, for more than 20 years and now aims to strengthen its logistics capabilities through a new partnership.

Hankook and Hapag-Lloyd signed an agreement at Hankook’s Technoplex headquarters in South Korea yesterday in the presence of chief executive officer Sooil Lee and chief administrative officer Jongho Park, as well as Hans Schaefer, president of Hapag-Lloyd’s Asia regional headquarters, and Minkyu Choi, president of Hapag-Lloyd Korea.

Under the agreement, Hapag-Lloyd will provide Hankook with a stable supply of shipping containers as well as sustainable logistics services from 2022 to 2024. The tyre maker notes that as Hapag-Lloyd is an environmentally oriented company that seeks to conserve global resources and protect the environment, the arrangement is also “in line with Hankook’s dedication to sustainability.”

“We are delighted to partner with Hapag-Lloyd in this long-term agreement that will help enhance Hankook’s export capacity and stabilise our global supply chain amid a volatile environment,” says Sooil Lee. “We believe this strategic cooperation will ensure a resilient ecosystem which will further fortify our global competency especially in times of uncertainty.”