Car Carrier for Hyundai Motor Company Sinks
1. Damage : 1,058 vehicles for export
2. Date of Accident : 22:46, May 22, 2004 (Local time)
23:46, May 22, 2004 (Korea time)
3. Details : The car carrier toward Europe collided
with VLCC (Very Large Crude oil Carrier) and sank on route
4. Location of Accident : The Straits of Singapore
5. Estimated Loss : Loss of 1,058 vehicles to be exported to
Russia, Germany, Finland
1) Amount of Loss : KRW 11,406,000,000-
(The above amount is based on the first quoted basic trade rate by the Korea
Exchange Bank for the date of May 22, 2004 of USD 1 = KRW 1,177.10
(USD 9,690,000))
2) Total Assets as of the End of FY 2003 :
KRW 24,250,145,000,000-
3) Portion of Estimated Loss to Total Assets : 0.05%
6. Insurance Coverage : Damaged vehicles are insured and the
expected compensation to victim of loss is 110%
7. Future Action : Shipment as soon as possible after
reproduction of vehicles
