TTI Acquisition Detail Confirmed

Terminal Investment Limited (TIL), a subsidiary of MSC Mediterranean Shipping Company, is pleased to confirm the acquisition of Hanjin’s interests in Total Terminals International.

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.

Mr Alistair Baillie, President of TIL, said: “We are very pleased to be able to confirm the completion of this acquisition process, giving our employees, customers and other stakeholders every confidence in our future plans.

“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.”

Commenting on the acquisition completion, Mr Kim Choonghyun, CFO of HMM, said: “HMM is pleased to have concluded the process for securing investment in TTI.

“We very much look forward to using TTI’s terminal in Long Beach, and enhancing our trans Pacific shipping operations to the benefit of our customers.”