The container shipping and port operator MSC acquired the 54% stake of the bankrupted Hanjin Shipping in Total Terminals International, which is terminal operator at Long Beach and Seattle, USA. MSC already holds 46% of the terminal company and by the transaction received the whole stake. The finance details of the acquisition were not released, as the sale is awaiting for regulatory approval. The Seoul Central District Court, which is handling the insolvency proceedings of Hanjin Shipping, approved the deal on the condition it also is endorsed by a US Bankruptcy Court and the US port authority.
MSC had formed a consortium with Hyundai Merchant Marine Co. earlier this month in the race for the 385-acre facility that handles three million containers. But Hyundai Merchant said last week it was pulling out of the joint bid and instead decided to take a minority stake in Total Terminals from MSC if the European shipping line won the deal.
Los Angeles and Long Beach are the two biggest US ports in terms of capacity, handling the majority of imports and exports between the US and Asia, moving more than 15 million containers annually. The Port of Long Beach has been suffering declines in overall container traffic since the Hanjin bankruptcy due to the volume of business the shipping line steered toward Total Terminals International.