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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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