Following HMM’s sale of the 50% minus one share stake to CMA CGM the South Korea line will maintain a majority stake in TTI Algeciras through a 50% plus one share stake held by HT Algeciras.
HMM said it expected to the deal to enhance profitability and operational capabilities of the terminal in Southern Spain by securing additional cargoes.
Financial details of the sale were not disclosed and is expected to be completed in Q4 2020 subject to regulatory approvals.
An HMM official said: “TTI Algeciras has a great geographical advantage to play an integral role as a transhipment hub located at the centre of containerised cargo flow on main trade lanes.
“We believe TTI Algeciras will take centre stage in the Gibraltar area as it has a high potential for future growth and development. We are expecting more business opportunities in the years to come based on stable operations of the terminal.”
TTI Algeciras was previously operated by Hanjin Shipping, prior to its bankruptcy, and was 100% acquired by HMM in 2017.
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