[Aju News DB]
Hyundai Merchant Marine said Friday it has been selected as the preferred bidder for a terminal in Algeciras, Spain, following its failed attempt to acquire the assets of South Korea's troubled Hanjin Shipping.
Hyundai, which is under rehabilitation by creditors, said it would seek to buy a 100 percent stake in Total Terminal International Algeciras S.A.U. in the Port of Algeciras Bay, a strategic point in the Strait of Gibraltar. The terminal is seen as one of Hanjin's prime assets.
Hyundai has lost to Korea Line, a domestic bulk carrier, in the race to buy Hanjin's container shipping business including the US-Asia route and related assets. The deal did not include Hanjin's 54 percent stake in Total Terminals International which handles some 30 percent of cargo along the US West Coast.
Hyundai is trying to join the world's second largest shipping alliance 2M that helps a cargo carrier to save costs by sharing ships and networks.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
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