South Korea’s Hyundai Merchant Marine (HMM) announced that it has signed a contract with Hanjin Shipping and Marine Terminals Investment Limited (MTIL) to acquire Hanjin Pacific Corporation’s 100% stake for terminals in Tokyo and Kaohsiung.
The total acquisition price is about KRW 15 billion ($13.15 million) including a purchase and security deposit on the lease of the Tokyo port.
Hanjin Pacific Corporation (HPC) which is owned by Hanjin Shipping (60%) and Marine Terminals Investment Limited (40%) operates terminals at ports in Japan (Tokyo) and Taiwan (Kaohsiung).
With this acquisition, HMM will secure in total four of Hanjin’s terminals: TTI Long Beach (20%), Algeciras (100%), Tokyo (100%) and Kaohsiung (100%).
HMM said “This acquisition of Hanjin Pacific’s stake will work to expand HMM’s port network and strengthen our sales competitiveness. We greatly expect that it will have a synergistic effect with HMM+K2 consortium, which starts on March 1st.”