Hyundai Merchant Marine (HMM) has agreed to buy a 20 percent stake in Hanjin Shipping’s container terminal operator in the U.S.
The company will buy the stake in Total Terminals International (TTI) for $15.6 million. TTI runs facilities in Long Beach and Seattle and is 54 percent owned by Hanjin Shipping. The deal also includes a stake in equipment-leasing firm HTEC.
The Long Beach Container Terminal (Pier-T) has the capacity to process more than three million TEUs on and off vessels annually.
HMM will become the second largest stakeholder in TTI after MSC.