Pan Ocean takes stake in US export grain terminal
South Korean shipping company Pan Ocean has wrapped up the acquisition of a minority stake in Export Grain Terminal (EGT), one of the largest export grain terminals on the US West Coast.
Pan Ocean America bought the 36.25 per cent stake from Japanese trading company Itochu, Pan Ocean confirmed to Offshore Energy in an emailed statement.
No financial details have been disclosed.
With this move, Pan Ocean has become EGT’s second-largest shareholder.
Although EGT has been listed as a joint venture between Bunge North America, the North American operating arm of Bunge Limited and Itochu International, a US subsidiary of Itochu Corp., it had been built by three companies. Back in 2009, Itochu Corporation agreed with Bunge North America and STX Pan Ocean (America) to invest more than $200 million in building the new export grain terminal.
Following the recent sale of Itochu’s stake to Pan Ocean, Bunge kept a 63.75 per cent stake in EGT.
EGT operates the first export grain terminal built in the US in over 25 years. The facility is located in Longview, Washington and handles corn, wheat, soybeans, soybean meal, and DDGs through both barge and rail.