PSA to Buy Stake in Busan
World-largest port and terminal operator PSA International has reportedly signed a Memorandum of Understanding with Hyundai Merchant Marine (HMM) to acquire a stake in HMM’s Pusan New Terminal in Busan New Port after the pair were said to have been in discussions since early January, 2016, according to IHS Fairplay.
If the deal is followed through, HMM would still hold onto a 50% stake in the terminal.
PSA already operates a terminal in Busan New Port, with CMA CGM and DP World also owning terminals at the port.
The deal comes shortly after a beleaguered period of liquidity issues, which HMM have been trying to resolve by selling its bulk shipping business for around US$500 in a bid to stay afloat in the industry.
The shipping line has since established an asset protection plan through its brokerage affiliate Hyundai Securities in an effort to stave off bankruptcy.