After weeks of speculation, a deal has officially been inked for Hanjin’s 54% stake in the largest terminal at the Port of Long Beach.
Yonhap and the Wall Street Journal reported that Hanjin Shipping Co. have agreed a deal with Swiss-based MSC, the world’s second largest container operator. PTI reported earlier this month that MSC were planning a combined bid with Hyundai Merchant, but this final confirmed deal now sees MSC going alone.
Hanjin, which was South Korea’s largest cargo container carrier and the seventh-largest in the world before its Aug. 31 bankruptcy filing, owns 54 percent of the company that operates Long Beach’s Pier T, Total Terminals International. The Mediterranean Shipping subsidiary Terminal Investment Ltd. owns the other 46 percent. TTI is a subsidiary of MSC, so subject to approval, MSC will ultimately own 100% stakes in the terminal company.
The value of the deal is currently unknown, but according to a Seoul judge who helped preside over the court-led negotiations, the final fee is “expected to be made public once it is approved by all parties involved and the contract takes effect “.
This sell off sees Hanjin move one step closer to full liquidation with around 90% of assets sold. Hanjin are still expecting to sell off their US-Asia shipping route that looks set to be acquired by Korea Line.
MSC have said the deal is expected to be finalised in January 2017.