South Korea’s Hyundai Merchant Marine (HMM) has been selected as the preferred bidder to buy a 100% share in Total Terminal International (TTI) Algeciras, owned by the bankrupt Hanjin Shipping at the Port of Algeciras, Spain.

The company expects to finalise its deal to buy a complete stake in TTI Algeciras by late December.

Once completed, HMM will be able to use the terminal until July 2040, as part of a lease contract with the Algeciras port authority.

"HMM looks forwards to expanding terminal businesses and building a long-term growth drive with the new terminal."

Serving routes connecting Europe with South America, and others linking Asia with North America, TTI Algeciras has an annual capacity of 1.86 million twenty-foot equivalent units (TEU).

The 357,750m² large terminal can handle super large containerships with over 10,000 TEUs.

TTI Algeciras is currently being used by Denmark’s Maersk Line, France’s CMA-CGM, China Cosco Shipping, Japan’s MOL and K Line use the terminal.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

HMM officials said: “(HMM) looks forwards to expanding terminal businesses and building a long-term growth drive with the new terminal.

“It is planning to boost the competitiveness of the company by taking over additional Hanjin Shipping’s lucrative assets and constructing new vessels.”

Recently, the company has lost its bid to buy Hanjin Shipping’s Asia-US trade route, reported the Wall Street Journal.

HMM currently has three terminals in the US and Taiwan and is revamping those terminals to increase their capacity. HMM also owns a 20% stake in a container-only terminal in Netherlands.

Ship Technology Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Ship Technology Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now