Report: HMM Bins Long Beach Terminal Bid

South Korean container carrier Hyundai Merchant Marine (HMM) has pulled out of a joint bid with the Mediterranean Shipping Company (MSC) to acquire a majority stake in an operator of a container terminal at California’s Port of Long Beach, the Wall Street Journal reports.

Earlier this month, HMM and MSC teamed up to jointly bid on a 54 percent stake in terminal operator Total Terminals International (TTI), currently controlled by the struggling Hanjin Shipping. The remaining 46 percent stake in the terminal operator is already held by MSC.

HMM now plans to take a ”low double-digit stake” in TTI later on to save on cargo unloading costs, C.K. Yoo, HMM’s Chief Executive Officer, told WSJ.

Following the recently signed agreement to enter into a ”strategic cooperation” with the 2M Alliance of Maersk Line and MSC, HMM announced plans to take 5 percent of global market share by 2021.

The carrier currently controls 2.2 percent of global container capacity.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Seawork 2020

Seawork is Europe’s leading commercial marine and workboat exhibition, providing businesses the opportunity…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >

Europort Romania

Europort Romania is the premier maritime networking event of the Black Sea and will connect maritime technology and service suppliers with high level professionals from Romania and surrounding shipbuilding markets.

More info

read more >