Rivals HMM (Korea) and Swiss-based MSC hav[ds_preview]e teamed up to buy Hanjins‘s stake in US terminal of Long Beach, according to industry sources.
Hyundai Merchant and MSC submitted their bid for a 54 % stake in the port terminal in Long Beach, California, an acquisition estimated at some 342 mill. $. MSC is the second-largest shareholder in the terminal operation with a 46 % stake.
SM Group, which owns bulk carrier Korea Line, has been seeking to buy the stake as well after acquiring the troubled shipper‘s US-Asia route and other assets for 31,4 mill. $ last week. A local private equity fund is also bidding for the terminal operation, as reported by South Korean news agency Yonhap. HMM is also bidding for the terminal in Spain‘s port of Algeciras.
Hanjin Shipping is currently under court receivership and has been seeking to sell its assets in an effort to survive an industry-wide slump and cash shortage.
