Jan 08 2010 |
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Hijacked ship carries 2,388 Hyundai, Kia cars bound for Saudi Arabia
ULSAN - A vessel carrying vehicles from Hyundai and its sister company Kia was hijacked by Somali pirates last week. The ship, known as Asian Glory and operated by EUKOR Car Carriers, was approximately 620 miles off the coast of Somalia when the hijacking occurred, the South Korean Ministry of Land, Transport and Maritimes Affairs said on Wednesday.The commercial ship was hijacked on New Years day while on its way to Saudi Arabia after departing from Ulsan.
The South Korean ministry said the vessel was carrying a total of 2,405 vehicles including 2,388 from Hyundai and Kia .
According to Hyundai, it will not take any financial loss even if the cargo ship is not recovered.
"As soon as the vessel embarks, all risks related to the vessel are the responsibility of the distributor," Hyundai said. "All payments for the cars have been made, while the cars are also insured."
The hijacking of the vessel was among the first successful attacks on merchant ships in the 500-mile security corridor since July.
Hyundai Motor and Kia have asked for a quick and safe return of the crew, the Korean automaker said.
Since July, 20 warships have been patrolling the region in an attempt to protect over 30,000 cargo ships per year. The area of interest to pirates and thus allied forces is the Gulf of Aden, somewhat of a funnel into the Suez Canal.
Nearly 10 percent of world trade travels through the Gulf annually. Currently Somali pirates have control of 12 cargo ships in the region.
Hyundai Motor and Kia are seeking the safe return of the 25 crew members aboard the Asian Glory.
Somali pirates view their acts as retaliation for the poaching of fish within Somali waters. Reportedly $300 million in fish are poached annually from the region.
Pirates are able to reclaim approximately $100 million annually in ransom money.
Pirating is a huge issue affecting several aspects of international trade.
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