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.
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.
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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.