Hyundai Merchant Marine (HMM) and Singaporean port operator PSA have agreed to take a 50% stake in PSA-Hyundai Busan New Port (PHBNT) in South Korea.
The joint investment from the two maritime giants equals a total of US$198 million.
As part of the investment, HMM has secured berths for its 23,000 TEU mega containerships that are to be ready by 2020.
HMM CEO C.K Yoo, said: “Through the acquisition of PHPNT’s 50% stakes, HMM can strengthen its competitiveness and provide top priority to customer service at the same time.
“We will do our best to make PHPNT a worldwide hub port.”