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

Image Courtesy: 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.

World Maritime News Staff

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