AsiaContainersPorts and Logistics

HMM offloads Busan terminal stake to PSA

Photo of Sam Chambers Sam ChambersMarch 29, 2016
8 Less than a minute

Hyundai Merchant Marine has completed its much telegraphed sale of its stake in a local terminal to Singapore’s PSA International.

PSA is paying KRW80bn ($93.3m) for its 40% plus one share stake in in Hyundai Pusan New-Port Terminal (HPNT) giving the Korean carrier a shot of much needed capital as it fights for survival. HMM will still hold a 10% stake in the port following the sale.

PSA already has existing investments in South Korea – in Incheon and Busan.

HMM, with more than $5bn in debts and urgent repayments coming up, has instigated a series of fire sales of non-core businesses to try and stay afloat.

Tags
Photo of Sam Chambers Sam ChambersMarch 29, 2016
8 Less than a minute
Photo of Sam Chambers

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.
Back to top button