Hyundai Merchant Marine (HMM) has firmed up plans to purchase a terminal in Spain which was operated by compatriot Korean line Hanjin Shipping which was declared bankrupt earlier this year.
HMM said in a filing it will buy a 100% stake in the Total Terminal International Algeciras (TTIA) in Spain for KRW117.6bn ($104.02m). A formal contract will be signed on Monday.
The terminal has an annual handling capacity of 1.86m teu.
HMM has taken on a number of other terminals that were owned by Hanjin, including in Kaohsiung, Tokyo and Long Beach.