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The Korea Herald
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THE INVESTOR
March 29, 2024

Industrials

HMM buys more terminals from Hanjin

  • PUBLISHED :February 17, 2017 - 16:11
  • UPDATED :February 17, 2017 - 17:05
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[THE INVESTOR] Hyundai Merchant Marine has acquired bankrupt Hanjin Shipping’s terminal operator in a deal worth 15 billion won (US$13 million), the container carrier said on Feb. 17.

Hanjin Pacific, which runs container terminals in Tokyo and Kaohsiung, Taiwan, was 60 percent owned by Hanjin Shipping with Marine Terminals Investment holding 40 percent. 



With the deal, HMM now has four Hanjin facilities including Algeciras, Tokyo, Kaohsiung and a 20 percent stake in the Total Terminals International facility in Long Beach.

“The acquisition will boost our competitiveness through terminal network expansion,” HMM said in a press release.

The consolidation of HMM’s terminal assets into a burgeoning network, mainly centered on the Trans-Pacific 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.

On Feb. 17, Hanjin Shipping, once the country’s largest shipping line, was declared bankrupt by a South Korean court, after struggling for years under the weight of massive debts.

By Park Han-na (hnpark@heraldcorp.com)

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