Hyundai Merchant Marine to Become No. 2 Stakeholder in Long Beach Terminal

- , 30/01/2017, 18:50

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HMM will receive the same port tariff rates with MSC, and it will help reduce terminal handling costs and secure stable profitability
Hyundai Merchant Marine Co. (HMM), has decided to buy a 20 percent stake in Hanjin Shipping Co.’s Terminals International LLC (TTI), which operates a terminal at the Port of Long Beach in the United States. With the latest decision, the company will be able to secure a stable profit on the Asia-U.S. services.
HMM, South Korea’s largest shipping line following Hanjin’s collapse, said its board of directors agreed to buy a 20 percent stake in Hanjin Shipping’s TTI and equipment leasing firm HTEC, as well as the debt owed to its shareholders, for a combined US$15.6 million (18.3 billion won). The deal will make HMM the No. 2 stakeholder in TTI, which runs a container terminal at the Port of Long Beach, after Geneva-based Mediterranean Shipping Co. (MSC), the world’s second largest container line which owns the remaining 80 percent stake in TTI.

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