Report: MSC and HMM Jointly Bid for Hanjin’s Stake in Long Beach Terminal
2016-12-01 07:42

Report: MSC and HMM Jointly Bid for Hanjin’s Stake in Long Beach Terminal

[Hanjin and MSC vessels cross paths near Port of Long Beach]Image courtesy of Port of Long Beach

**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.

Hanjin filed for court protection in August 2016 after its creditors, led by KDB, decided not to provide additional financial support to the company.


Source: World Maritime News (LF)

Source: World Maritime News