MSC, HMM make offer for Total Terminals International

Hyundai Merchant Marine of South Korea and Geneva, Switzerland-based Mediterranean Shipping Company have submitted an offer to acquire Hanjin’s interests in Total Terminals International.

   Hyundai Merchant Marine (HMM) and Mediterranean Shipping Company said Thursday that they have submitted an offer to acquire Hanjin’s interests in Total Terminals International (TTI).
   TTI leases and operates Pier T in Long Beach, Calif. and Terminal 46 in
Seattle. An MSC spokesperson told American Shipper the deal includes both facilities.
   Hanjin is selling its 50 percent interest in TTI as part of the rehabilitation
process being administered by the Bankruptcy Court Division of the
Seoul Central District Court following its filing for insolvency in September this year.
   MSC said its container terminal subsidiary, Terminal Investment Limited (TIL), is already the effective holder of 50 percent of TTI.
   Together with HMM, MSC has submitted an offer to acquire Hanjin’s stake. That would boost MSC’s ownership to an undisclosed level.
   Alistair Baillie, president of TIL, said the investment “will allow both companies to quickly consolidate their container volumes in the terminal and ensure its short term solvency and long term viability. The partnership will also allow for the attractive continuation of relations between Korean industry and TTI.”
   Choong Hyun Kim, chief financial officer and director of HMM, said, “HMM will be operating its own services on the transpacific container trades through which we will be able to contribute our volumes. Together with MSC and TIL, we are confident that we will be able to provide efficient shipping and terminal services to our customers.”