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.”