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Hyundai Merchant Marine (HMM) has continued to pick at the bones of erstwhile compatriot Hanjin, today announcing the acquisition of more of its terminal network.
HMM said it had agreed to pay W15bn ($13.15m) for Hanjin Pacific Corporation’s container terminals in Tokyo and Kaohsiung. The price includes purchase and a security deposit on the lease of Tokyo port.
Hanjin Pacific Corporation, was 60% owned by Hanjin Shipping, with Marine Terminals Investment holding 40%. The deal means HMM now has four Hanjin facilities – Algeciras, Tokyo, Kaohsiung and a 20% stake the Total Terminals International facility in Long Beach.
The consolidation of HMM’s terminal assets into a burgeoning network, mainly centred on the transpacific trade, comes as the line prepares to link up with the 2M alliance next month and launch its imminent intra-Asia alliance with Heung-A and Sinokor.
HMM said: “This acquisition will work to expand HMM’s port network and strengthen our sales competitiveness. We greatly expect that it will have a synergistic effect on the HMM+K2 consortium, which starts on 1 March.”
Hanjin’s period in receivership is expected to end tomorrow, when it moves into liquidation.
Earlier this month, Terminal Investment Ltd (TIL), MSC’s box port operating subsidiary, confirmed its 80% acquisition of Hanjin’s interests in Total Terminals International (TTI), which runs facilities in Long Beach and Seattle
TIL president Alistair Baillie said: “We are very pleased to be able to confirm the completion of this acquisition process, giving our employees, customers and other stakeholders every confidence in our future plans.
“Our focus throughout the acquisition consultation has been, and will continue to be, rebuilding the business and servicing the needs of our affiliated shipping line, MSC, its 2M partner Maersk and our new joint venture partner, HMM.”
Kim Choonghyun, HMM chief financial officer, added: “We very much look forward to using TTI’s terminal in Long Beach and enhancing our transpacific shipping operations to the benefit of our customers.”
What remains to be seen is what happens to California United Terminals, Hyundai’s own dedicated terminal at Los Angeles, which leases part of APM Terminals’ vast Pier 400 box facility.