MADRID: Hyundai Merchant Marine (HMM) has been chosen as the preferred bidder to buy a terminal in the Spanish Port of Algeciras. It is expected to finalise its 100% stake in Total Terminal International (TTI) Algeciras from Hanjin Shipping by the end of this year.
The terminal is a strategic logistic hub and serves as the intersecting point of the route connecting Europe with South America, and the other route linking Asia with North America.A HMM statement said: “HMM looks forwards to expanding terminal business and building a long-term growth drive with the new terminal.”
“It is planning to boost the competitiveness of the company by taking over additional Hanjin Shipping’s lucrative assets and constructing new vessels.”
The 357,750㎡ large terminal has an annual capacity of 1.86m TEU and can containerships with over 10,000 TEU.
HMM will be allowed to use the terminal until July 2040 upon the lease contract with the Algeciras port authority.
