Receive our newsletter – data, insights and analysis delivered to you
  1. News
January 31, 2019

HMM acquires 50% stake in PSA-Hyundai Pusan New Port

South Korea’s Hyundai Merchant Marine (HMM) has signed a sales contract to acquire a 50% stake in PSA Hyundai Pusan New-Port Terminal (PHPNT) Pier 4 in Busan.

South Korea’s Hyundai Merchant Marine (HMM) has signed a sales contract to acquire a 50% stake in PSA Hyundai Pusan New-Port Terminal (PHPNT) Pier 4 in Busan.

Yuanta-HPNT, which was established by HMM and PSA’s investments of 80% and 20%, will acquire the 50% share currently controlled by Waska in PHPNT.

HMM and PSA will invest a total of KRW221.2bn ($198m) in PHPNT.

HMM will provide KRW177bn ($158m) of the total investment, which includes Korea Ocean Business’s KRW50bn ($45m), while PSA will provide KRW44.2bn ($40m).

The investment will make HMM a co-owner of PHPNT with PSA International, each holding a 50% stake in the terminal.

Hyundai Merchant Marine CEO C K Yoo said: “Through the acquisition of PHPNT’s 50% stakes, HMM can strengthen its competitiveness and provide top priority to customer service at the same time.

“HMM can strengthen its competitiveness and provide top priority to customer service at the same time.”

“We will do our best to make PHPNT a worldwide hub port.”

The newly signed contract has enabled HMM to secure stable berths for its 23,000 twenty-foot equivalent units (TEU) of mega containerships that are scheduled to be delivered in the second quarter of 2020.

The company is also expected to optimise its profitability by cutting down cargo handling costs at PHPNT.

HMM aims to attract global shipping companies involved in the shipping alliance to call at Pusan Port, while it expects to increase transit cargo volume and terminal revenue.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU