HYUNDAI Merchant Marine (HMM) has acquired for an estimated KRW15 billion (US$13.15 million) container terminals in the ports of Tokyo and Kaohsiung from bankrupt Hanjin Shipping.
The investment includes a purchase and a security deposit on the lease of the Aomi Container Terminal in Tokyo which has a capacity of 500,000 TEU, while Hanjin Kaohsiung Container Terminal has an annual handling capacity of 1.5 million TEU.
HMM has also acquired a 20 per cent stake in Hanjin's terminal Pier T at the port of Long Beach, and has bought a terminal in the port of Algeciras that was once owned by Hanjin, reported Maritime Herald, of Varna, Bulgaria.
The company bought the stake in the Long Beach terminal last month in a deal with Mediterranean Shipping Company valued at US$15.6 million. In 2016, HMM won a tender to purchase 100 per cent of Total Terminal International Algeciras, which has a capacity of 1.8 million TEU per year.
At the time of filing for bankruptcy in August 2016, Hanjin had a stake in 20 container terminals with an aggregate capacity of 22.4 million TEU.