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HMM firms up Algeciras bid

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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