Hyundai Merchant Marine to acquire four Hanjin’s Terminals

Hyundai Merchant Marine (HMM) is to acquire Hanjin Pacific Corporation’s 100% stake in terminals in Tokyo and Kaohsiung (Taiwan), HMM said on Thursday. Hanjin Pacific Corporation (HPC) is 60%-owned by the bankrupt Hanjin Shipping and 40%-owned by Marine Terminals Investment Ltd. HMM will pay about KRW15bn ($13.15m). The deal will bring to four the number of Hanjin terminals either partly or wholly bought by HMM: TTI Long Beach (20%), Algeciras (100%), Tokyo (100%) and Kaohsiung (100%). “We greatly expect that (the acquisition) will have a synergistic effect with HMM+K2 consortium, which starts on March 1st”, HMM said.