GCTL8.com (FocusAsia Media Ltd)

SEOUL, Jan 23 (FAM) – Hyundai Merchant Marine Co. (HMM), has decided to buy a 20 percent stake in Hanjin Shipping Co.’s Terminals International LLC (TTI), which operates a terminal at the Port of Long Beach in the United States. With the latest decision, the company will be able to secure a stable profit on the Asia U.S. services.

HMM, South Korea’s largest shipping line following Hanjin’s collapse, said its board of directors agreed to buy a 20 percent stake in Hanjin Shipping’s TTI and equipment leasing firm HTEC, as well as the debt owed to its shareholders, for a combined US$15.6 million (18.3 billion won).

 

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