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MSC and HMM complete takeover of Hanjin’s US terminals

Terminal Investment Limited (TIL), a subsidiary of Mediterranean Shipping Company (MSC), today confirmed the acquisition of Hanjin’s interests in Total Terminals International, a firm with interests in two US west coast ports.

The acquisition includes all of Hanjin’s equity interests and shareholder loans, in both TTI and the associated terminal equipment leasing company, Hanjin TEC Inc.

TIL has completed the acquisition in conjunction with Hyundai Merchant Marine (HMM). The new ownership structure sees TIL assume an 80% stake, with HMM having the remaining 20%.

TTI leases and operates container terminals in Long Beach and Seattle on the West Coast of the USA.

Alistair Baillie, president of TIL, said: “Our focus throughout the acquisition consultation has been, and will continue to be, rebuilding the business and servicing the needs of our affiliated shipping line MSC, its 2M partner Maersk, and our new joint venture partner HMM.”

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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