SMART4SEA Conference & Awards

31 Jan 2017
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SMART4SEA Conference & Awards

31 Jan 2017
Learn More

HMM, MSC in talks for Long Beach Terminal

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Image hereabove is used for illustration purposes only

Hyundai Merchant Marine (HMM) and Geneva-based Mediterranean Shipping Company (MSC) are expected to enter the takeover battle for the Long Beach Terminal of Hanjin Shipping, Business Korea reports.

Previously, Hanjin Shipping announced that it sells its take in the Long Beach Terminal in California, the largest asset of the firm. According to Hanjin Shipping and Seoul Central District Court spokesmen on October 21, the court appointed an advisor, an overseas firm specializing in shipping industry talks, to help with the negotiations.

Business Korea announced that HMM and MSC are considered as the most potential companies to take over the terminal, however, it is highliy likely that more major shipping firms which operate routes to the US, will participate in the negotiations.

Market industry watchers say that the bidding price of the Long Beach Terminal is currently estimated at 100 billion won (US$87.64 million).

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