Hyundai Merchant Marine heads for a 20-% s[ds_preview]take in former Hanjin‘s US terminals Total Terminals International LLC (TTI) and equipment-leasing firm HTEC for a combined 15.6 mill. $.
The deal would make HMM the No. 2 stakeholder in TTI after MSC which is going to buy the rest of Hanjin‘s 54% share. The Korean company said, it will receive the same port tariff rates with MSC, allowing it to reduce terminal handling costs and to secure stable profitability.
Also, Geneva-based shipper MSC will stand surety for TTI’s loans and lease which means HMM is not responsible for TTI’s debts. »TTI’s handling volumes will dramatically increase, as we strengthen Asia-US services through strategic cooperation with ›2M‹ beginning of April,« said HMM.
MSC is paying 78 mill. $ in cash and forgiving 54.6 mill. $ in debt. MSC already owns the remaining 46 % in TTI.
On Wednesday a U.S. court gave its approval to Hanjin Shipping to sell its stake in TTI, which operates container terminals at ports in Seattle and Long Beach, California.
Late last year, SM Group, a mid-sized local group that owns South Korea‘s No. 2 bulk carrier Korea Line Corp., agreed to acquire the troubled shipper‘s U.S.-Asia route and other assets for 37 billion won.
Hanjin Shipping has been under financial strain due to falling freight rates and filed for court receivership in late August of last year amid multi-billion-dollar debt.
