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SM Shipping to buy Hanjin Shipping’s container terminals in Korea

Collected: 2017.01.13

Distributed: 2017.01.16

Source: Go Direct

South Korea’s container carrier SM Shipping, owned by Samra Midas (SM) Group, will acquire bankrupted Hanjin Shipping Co.’s container terminals located in Korea after the group’s bulk carrier Korea Line Corp. separately clinched a deal to take over once the world’s seventh largest container carrier’s Asia-U.S. operation in November.

SM Group said Thursday that SM Shipping, the group’s new container line created following Korea Line’s acquisition of Hanjin Shipping’s Asia-North America shipping route, reached an agreement with the Seoul bankruptcy court handling reorganization of Hanjin Shipping to purchase a 100 percent stake in Gwangyang Terminal and an 85.45 percent stake in Gyeongin Terminal from the country’s former largest shipper. Both parties aim to ink the final contract early next week at the earliest.

The financial terms of the deal were not disclosed, but market experts estimated the terminals might have sold at around 20 billion won ($16.9 million).

When SM Group was chosen as the preferred bidder for the acquisition of Hanjin Shipping’s Asia-U.S. operation, it was given rights to buy other sellable assets including the two terminals.

Gwangyang Terminal can accommodate a total of four vessels and process up to 1,115,000 twenty-foot equivalent (TEU) cargoes a year - 1TEU is equal to the space occupied by a standard 20-feet container. Gyeongin Terminal can process around 749,000 TEU cargoes.

SM Lines is also mulling acquisition of Hanjin Group’s Busan New Port Terminal.

By Kim Jung-hwan

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