Hanjin declared bankrupt, HMM consolidates its 4 terminals...

port.today | 2017-02-21 18:04 UTC

Hyundai Merchant Marine (HMM) has entered into acontractwith Hanjin Shipping and Marine Terminals Investment Limited (MTIL) to acquire Hanjin Pacific Corporations 100% stake in terminals in Tokyo and Kaohsiung, announces the companys press release. Hanjin Pacific Corporation (HPC) is owned by Hanjin Shipping (60%) and Marine Terminals Investment Limited (40%) and operates container terminals in the aforementioned ports of Japan and Taiwan. HMM has disclosed the acquisition price of about KRW 15 bln (USD 13.15 mln), which includes a purchase and a security deposit on the lease of Tokyo port. The acquisition will be finalized as soon as the detailed due diligence is completed and regulatory approvals for each port are obtained. HMM reports that this deal secures fourof Hanjin Shipping's terminals for HMM. These include TTI Long Beach (20%), Algeciras(100%), Tokyo (100%), andKaohsiung (100%). Meanwhile, today the Seoul Central District Court has declared Hanjin Shipping bankrupt.

By PortToday on 2017-02-21 18:04 UTC
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