Korea Line wins race for Hanjin Asia-US business

Korea Line Corp (KLC) has beaten Hyundai Merchant Marine (HMM) in the race to buy Hanjin Shipping Co’s Asia-U.S. operations, a Seoul court spokesman told Reuters on Monday. The spokesman said that KLC offered a higher price than HMM, without revealing the actual price paid. News agency Yonhap estimated that the US-Asia route, its workforce and seven overseas operations could be worth KRW100bn ($85m)

KLC is affiliated with SM Group, whose business portfolio ranges from construction to chemicals. Hanjin Shipping owns a 54% stake in Total Terminals International, which operates two facilities in Long Beach and Seattle and handles around 30% of US West Coast cargo.