Hyundai Merchant Marine (HMM) has signed a deal with Hanjin Shipping and Marine Terminals Investment (MTIL) to buy Hanjin Pacific's (HPC) complete share in terminals in Tokyo, Japan and Kaohsiung, Taiwan.
HPC is jointly owned by Hanjin Shipping (60%) and MTIL (40%), and currently operates Hanjin’s Tokyo and Kaohsiung terminals.
The newly signed agreement is valued at KRW15bn ($13.15m), and also includes a purchase and security deposit option on the lease of the Tokyo port.
HMM aims to complete the latest deal after completing detailed due diligence and regulatory approvals for each of the ports.
The transaction will enable HMM to own shares in four of Hanjin’s terminals once completed. This includes a 20% share in TTI Long Beach, US, and complete stake in Algeciras, Spain.
Hyundai Merchant Marine said in a statement: “This acquisition of Hanjin Pacific’s stake will work to expand HMM’s port network and strengthen our sales competitiveness.
“We greatly expect that it will have a synergistic effect with HMM+K2 consortium, which starts on 1 March.”
The company also announced its intention to hire up to 220 employees from the bankrupt firm Hanjin Shipping last month.
The deal will see HMM will initially employ 131 of Hanjin's workforce, including onshore, offshore, overseas staffs and ship managers. HMM is also planning to recruit 41 ex-employees of Hanjin.