Korea Line (005880.KS), a shipping affiliate of SM Group, disclosed on the 2nd that it signed a 73 billion-won ($53.8 million) charter agreement with Hyundai Glovis (086280.KS) for a pure car and truck carrier, or PCTC. The contract runs for five years and four months from November and represents 5.7% of Korea Line's consolidated revenue of 1.277 trillion won last year. Korea Line plans to purchase a used PCTC for the agreement, doubling the companies' long-term PCTC charter relationship from one vessel to two. The arrangement builds on a relationship dating to 2015, under which Hyundai Glovis oversees overall vessel operations while Korea Line manages the ship and crew and provides comprehensive maintenance, repair and overhaul services. Korea Line said it will pursue stable, long-term contracts with high-quality shippers as auto exports and PCTC demand grow across Asia. It is also seeking additional LNG carrier orders from key customers including Korea Gas Corporation amid energy supply-chain risks linked to instability in the Middle East. CEO Min Sang-ki said the deal creates a stable revenue stream and supports expansion of the PCTC business.