HMM: We Have Nothing to Do with Long Beach Container Terminal Acquisition

terminalImage Courtesy: Long Beach Container Terminal

South Korean shipping company Hyundai Merchant Marine (HMM) is not interested in the purchase of the California-based Long Beach Container Terminal (LBCT), the company confirmed to World Maritime News.

China’s COSCO Shipping Holdings is selling the terminal as part of the company’s USD 6.3 billion acquisition of Orient Overseas International Limited (OOIL). The disposal of the terminal is needed for COSCO in order to obtain the green light from the US regulators to complete the OOIL takeover.

OOCL, a shipping unit of OOIL, holds a 40-year concession to operate the facility at the Port of Long Beach, which is the second busiest container port in the United States.

As the LBCT sale is attracting interests from potential bidders, rumors emerged that HMM and Seaspan are in talks to jointly bid for the facility. However, HMM has now denied these rumors.

“Please be advised that is the rumor which is not based on facts,” a spokesperson for HMM said.

“HMM is not reviewing the matter and has nothing to do with LBCT’s acquisition,” the spokesperson added.

The Port of Long Beach surpassed 8 million TEUs for the first time in its 108-history. The port handled 8.1 million TEUs last year, an increase of 7.2 percent. Imports grew 6.1 percent to 4.1 million TEUs, while exports totaled 1.5 million TEUs, up by 3.6 percent.

World Maritime News Staff

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