MSC, HMM Conclude Purchase of Hanjin’s TTI Stake

Image Courtesy: Port of Long Beach

Swiss-based Mediterranean Shipping Company (MSC) and South Korean Hyundai Merchant Marine (HMM) have finalized the acquisition of Hanjin Shipping’s interests in Total Terminals International (TTI), which operates two facilities in Long Beach and Seattle.

The acquisition, undertaken by MSC’s subsidiary Terminal Investment Limited (TIL) and HMM, includes all of Hanjin’s equity and shareholder loans in both TTI and the associated terminal equipment leasing company Hanjin TEC Inc.

Under the new ownership structure, TIL has assumed an 80 percent stake, while HMM controls the remaining 20 percent.

“Our focus throughout the acquisition consultation has been, and will continue to be, rebuilding the business and servicing the needs of our affiliated shipping line MSC, its 2M partner Maersk, and our new joint venture partner HMM,” Alistair Baillie, President of TIL, said.

Earlier in January, HMM unveiled its plans to purchase a minority stake in the terminal operator as its board of directors approved the USD 15.6 million acquisition deal.

The announcement was made following reports that the US Bankruptcy Court gave its nod to the USD 78 million sale of Hanjin Shipping’s stake in TTI to TIL.

With the purchase of Hanjin’s 54 percent stake in TTI, which operates container terminals at the two US ports, MSC became the sole owner of the terminal operator.

In late 2016, HMM and MSC jointly submitted an offer for the share in TTI, however, HMM decided to pull out of the joint bid and go for the minority stake in the operator.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2018 >>
MTWTFSS
30 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 31 1 2 3

The 27th World Gas Conference

The 27th World Gas Conference is the leading global industry event and is the definitive gathering of influential leaders, buyers and sellers, policy-makers and experts from around the world.

You will hear critical business insights and lively debates on the most topical issues facing the global gas industry today and in the future.

From 25-29 June 2018, Washington DC is expected to host 12,000 attendees, 500 speakers and 350 exhibitors representing, more than 600 companies from 100 countries.

Presented by the IGU, this is the largest and most high-profile gas event that is conducted by the industry for the industry.

Read More

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

BlueWeek2018

The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >