Independent journal on economy and transport policy
08:20 GMT+2
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HMM will acquire the entire capital of Total Terminal International Algeciras
Possible the income of other associates
May 12, 2017
The company of South Korean navigation Hyundai Merchant Marine (HMM) has announced yesterday that within four months it will buy the entire share capital of Total Terminal International Algeciras, the society that manages the container terminal to the pier of Isla Verde Exterior of the port of Algeciras.
Initially part of capital of enterprise terminalista, that it took part of the South Korean group Hanjin Shipping that is placed in liquidation, would have had to pass under the control of the shipowning group Mediterranean Shipping Company (MSC) ( on December 21, 2016 and on 19 February 2017).
With communication yesterday HMM it has announced that 96 million euros will acquire the entire capital stock of TTI Algeciras for 117,6 billion won (). Specifying that the operation will have to be approved of from the Harbour Authority of Algeciras, HMM has specified moreover that if the current contractual structure previews HMM which only purchaser of the capital of the TTI Algeciras, sussiste the possibility of a change of such structure through the joint venture constitution of.
The contract of concession through which TTI Algeciras it manages the terminal in the Spanish port will expire in 2040.
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