Report: MSC and HMM Jointly Bid for Hanjin’s Stake in Long Beach Terminal
- Business & Finance
Swiss-based container shipping major, Mediterranean Shipping Company (MSC), and South Korea’s carrier, Hyundai Merchant Marine (HMM), have jointly placed a bid to acquire a stake in a container terminal at California’s Port of Long Beach currently controlled by ailing Hanjin Shipping, Yonhap News Agency reported industrial sources as saying.
Hanjin’s 54% stake in terminal operator Total Terminals International (TTI) is estimated at more than KRW 400 billion (USD 342.5 million). The remaining 46% stake in the terminal operator is already held by MSC.
The news comes shortly after South Korea’s SM Group, owner of Korea Line Corp., floated a proposal to team up with HMM and acquire Hanjin’s stake in the terminal.
Last week, Korea Line signed a KRW 37 billion (USD 31.4 million) agreement to buy the Asia-US route network from the bankrupt Hanjin Shipping and has been seeking to buy a stake in the firm’s terminal.
World Maritime News Staff