HMM preferred bidder for insolvent Hanjin Shipping's Spain terminal
SOUTH Korea's Hyundai Merchant Marine (HMM) announced it has been chosen as preferred bidder to buy a port terminal in Algeciras, Spain, partly owned by Hanjin Shipping.
The company said in a statement it is expected to finalise its purchase of a 100 per cent stake in Total Terminal International Algeciras in late December from the current owners, including IBK Securities, without elaborating on price or other sales terms, The Maritime Executive reported.
HMM recently announced a net profit of KRW297 billion (US$253 million) for the July-September period attributed to an improvement in the company's financial structure. The company has also successfully concluded its restructuring plan and debt reduction. Consequently, its debt ratio has significantly improved to 186 per cent.
Early this month, an official from the South Central District Court, which is handling Hanjin's rehabilitation proceedings, opted for shipping operator, Korea Line, instead of HMM, to buy Hanjin's Asia-US network, client management and operational data, logistics management systems and relevant subsidiaries in the US, China, Vietnam and four other countries for KRW37 billion.
In August, Algeciras Bay Port Authority issued a tender for the construction and operation of its third container terminal. The concession will be for 50 years, and the new terminal will occupy an area of 30.5 hectares on the southern-most tip of Isla Verde Exterior. Total Terminal International Algecliras occupies part of Isla Verde at Algeciras.
SOUTH Korea's Hyundai Merchant Marine (HMM) announced it has been chosen as preferred bidder to buy a port terminal in Algeciras, Spain, partly owned by Hanjin Shipping.
The company said in a statement it is expected to finalise its purchase of a 100 per cent stake in Total Terminal International Algeciras in late December from the current owners, including IBK Securities, without elaborating on price or other sales terms, The Maritime Executive reported.
HMM recently announced a net profit of KRW297 billion (US$253 million) for the July-September period attributed to an improvement in the company's financial structure. The company has also successfully concluded its restructuring plan and debt reduction. Consequently, its debt ratio has significantly improved to 186 per cent.
Early this month, an official from the South Central District Court, which is handling Hanjin's rehabilitation proceedings, opted for shipping operator, Korea Line, instead of HMM, to buy Hanjin's Asia-US network, client management and operational data, logistics management systems and relevant subsidiaries in the US, China, Vietnam and four other countries for KRW37 billion.
In August, Algeciras Bay Port Authority issued a tender for the construction and operation of its third container terminal. The concession will be for 50 years, and the new terminal will occupy an area of 30.5 hectares on the southern-most tip of Isla Verde Exterior. Total Terminal International Algecliras occupies part of Isla Verde at Algeciras.