News Content
Hyundai, MSC to bid for 54pc Hanjin stake in Long Beach box shop
NEAR-BANKRUPT Hanjin Shipping has announced that it's selling its largest asset - a 54 per cent stake in Total Terminals International (TTI) that operates at the port of Long Beach.
South Korea's second largest shipping company, Hyundai Merchant Marine (HMM), and global shipping companies, including Mediterranean Shipping Company (MSC), are expected to bid for the Long Beach Terminal.
According to Hanjin Shipping and Seoul Central District Court spokesmen, the court has appointed an advisor, an overseas firm specialising in shipping industry talks, to help with the negotiations, the Business Korea reported.
TTI handles 30 per cent of cargo at the port of Long Beach. The terminal is frequently used by Hanjin Shipping and by MSC, which owns the remaining 46 per cent. Other users of the port include Maersk Line and Taiwan's Evergreen Marine.
The port of Long Beach is a leading trade gateway to the US and a starting point of the coast-to-coast railway. For this reason, global shipping firms, which operate routes to the US, are highly likely to participate in the takeover battle.
The court will set up the bidding price through a public tender; and industry watchers say that the bidding price of the Long Beach Terminal is estimated at KWR100 billion (US$87.64 million).
HMM plans to take over the terminal using the fund for new ship buildings worth KWR 1.4 trillion to be raised by the government.
South Korea's second largest shipping company, Hyundai Merchant Marine (HMM), and global shipping companies, including Mediterranean Shipping Company (MSC), are expected to bid for the Long Beach Terminal.
According to Hanjin Shipping and Seoul Central District Court spokesmen, the court has appointed an advisor, an overseas firm specialising in shipping industry talks, to help with the negotiations, the Business Korea reported.
TTI handles 30 per cent of cargo at the port of Long Beach. The terminal is frequently used by Hanjin Shipping and by MSC, which owns the remaining 46 per cent. Other users of the port include Maersk Line and Taiwan's Evergreen Marine.
The port of Long Beach is a leading trade gateway to the US and a starting point of the coast-to-coast railway. For this reason, global shipping firms, which operate routes to the US, are highly likely to participate in the takeover battle.
The court will set up the bidding price through a public tender; and industry watchers say that the bidding price of the Long Beach Terminal is estimated at KWR100 billion (US$87.64 million).
HMM plans to take over the terminal using the fund for new ship buildings worth KWR 1.4 trillion to be raised by the government.
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
