Hyundai Merchant Marine and PSA up stake in Busan terminal

Hyundai Merchant Marine and PSA up stake in Busan terminal

Hyundai Merchant Marine (HMM) and Singapore terminal operator PSA International are set to acquire 40% and 10% stakes from private equity investment firm IMM Investment.

Following the acquisition, HMM and PSA will each hold 50% stakes in the terminal.

HMM believes the deal could help the company lower cargo handling costs, which in turn will boost its bottom line.

HMM sold a 40% stake in the terminal to PSA in 2016 to solve some of its immediate liquidity woes.

Additionally, HMM reported that its operating loss in the first quarter had deepened to KRW170.1bn ($158m) from KRW 131.2bn in the same period last year.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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