Hyundai Merchant Marine acquires two Pacific terminals of bankrupted Hanjin

Hyundai Merchant Marine terminalThe South Korean shipping company Hyundai Merchant Marine (HMM) acquired the container terminals in the Port of Tokyo and Kaohsiung, which previously belonged to the bankrupted shipping corporation Hanjin. The transaction value is estimated at about 15 billion KRW (about 13.15 million USD), which includes purchase and a security deposit on the lease of Tokyo port. The deal was concluded shortly before final decision for the bankruptcy of the South Korean shipping corporation Hanjin. The Aomi Container Terminal in Tokyo has capacity of about 500,000 TEU, while Hanjin Kaohsiung Container Terminal has capacity for about 1.5 million TEU.

Hyundai Merchant Marine succeeded to acquire stakes in four terminals of Hanjin: 20% in the terminal Pier T at the Port of Long Beach, and 100% of the terminals in the port of Algeciras, Tokyo and Kaohsiung. The company acquired a 20% stake in the terminal Pier T in Long Beach last month in a deal with the MSC value of 15.6 million USD, while in 2016 won a tender to purchase 100% Total Terminal International Algeciras, which is the operator of the container terminal at the port of Algeciras with capacity of 1.8 million TEU per year.

At the time of submission of the application for bankruptcy in August last year, the company Hanjin had a stake in 20 container terminals with aggregate capacity of 22.4 million TEU.