HMM to buy Tokyo ports

Hyundai Merchant Marine (HMM) is to set buy Hanjin Pacific Corporation’s (HPC) 100% stake in ports located in Tokyo and Kaohsiung.   

HPC is owned by Hanjin Shipping (60%) and Marine Terminals Investment Limited (40%), and operates terminals at ports in Japan (Tokyo) and Taiwan (Kaohsiung).

The total acquisition price is about $13.15m including a purchase and security deposit on the lease of the Tokyo port.

With this acquisition, HMM will secure four of Hanjin’s terminals: TTI Long Beach (20%), Algeciras (100%), Tokyo (100%) and Kaohsiung (100%). HMM plans to complete the acquisition of Hanjin Pacific’s stake followed by detailed due diligence and regulatory approvals for each port.

HMM said “This acquisition of Hanjin Pacific’s stake will work to expand HMM’s port network and strengthen our sales competitiveness.”

For more information visit www.hmm21.com

27th Feb 2017