South Korean Hyundai Merchant Marine has been chosen as the preferred bidder to buy the port terminal partly owned by Hanjin Shipping in Algeciras, Spain, reported Reuters.
Hyundai said it expected buy the terminal outright by late December, although declined to give the terms of the sale or the price. Total Terminal International Algeciras is currently jointly owned by Hanjin and IBK Securities.
This news could be seen as something as a silver lining for Hyundai Merchant Marine, after a series of setbacks in recent weeks.
It failed in its bid to purchase other Hanjin assets, notably those used on the US-Asia trade route, which were sold to Korea Line for a higher price that Hyundai was offering.
It was also declined membership of the 2M Alliance last week, after Maersk and MSC blocked them for entering, instead choosing to pursue smaller scale vessel sharing agreements with the carrier.
These setbacks have made it more difficult for Hyundai to secure debt relief from Korea Development Bank.