HMM Buys Hanjin’s Stake in Kaohsiung Terminal
- Business & Finance
South Korean shipping company Hyundai Merchant Marine has acquired a 100% stake in Hanjin Pacific Corporation’s terminal in Kaohsiung, a company representative told World Maritime News.
Featuring three container berths, the Taiwanese terminal was operated by HPC, a company 60-percent owned by former shipping giant Hanjin Shipping.
In February 2017, HMM entered into an agreement with Hanjin Shipping and Marine Terminals Investment Limited (MTIL) to purchase HPC’s terminals in Tokyo and Kaohsiung for a total of KRW 15 billion (USD 13.3 million) in an effort to expand its port network and strengthen its sales competitiveness.
With this move, HMM secured shares in four Hanjin terminals, including a 20 percent stake in terminal operator Total Terminals International LLC (TTI) and a 100 percent stake in the Spanish Algeciras terminal.
World Maritime News Staff