Hyundai Merchant Marine has announced it has become a 50% stakeholder in the PSA-Hyundai Busan New Port (PHBNT) following an investment collaboration with Singaporean terminal operator PSA.
The total invested by HMM and PSA will come to US $198 million and under the deal will be made through Yuanta-HPNT, a private equity fund founded by both companies to facilitate the joint-takeover of (PHBNT).
According to a statement, the deal has also secured for HMM stable berths for 23,000 TEU mega containerships which the company expects to be delivered in the second quarter of 2020.
Furthermore, HMM has also said the deal will help it boost profitability and attract major shipping lines to Busan.
Speaking at a signing ceremony attended by 100 dignitaries from the government and private sectors in Busan, HMM’s CEO C.K Yoo, said: “Through the acquisition of PHPNT’s 50% stakes, HMM can strengthen its competitiveness and provide top priority to customer service at the same time. We will do our best to make PHPNT a worldwide hub port.”
Port of Busan
The initial deal for the PHBNT was struck in May 2018, a story PTI reported on. In January 2018, HMM and PSA signed another deal, this time to initiate a new regular service between China and India.