Freight News, Sea

Rumors regarding Hanjin’s stake at POLB

[ December 13, 2016   //   ]

Reports indicate that Korea Line Corporation (part of the SM Group) has withdrawn its bid for Hanjin’s stake in the Port of Long Beach. News on the street says that the company decided to pull out due to a reaction to recent reports that combined bids may be made for Hanjin’s 54% stake in the port.
Other shipping lines said to be rumored at looking at the port operations are HMM and MSC, although HMM could be considering a joint bid with Korean Line.
Port Technology reports that the 54% stake that Hanjin has in terminal operator Total Terminals International (TTI), which controls two facilities in Long Beach and Seattle, is estimated to be worth around US$ 342.5 million.