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HMM & PSA To Buyout Korean Terminal
Sea Freight

HMM & PSA To Buyout Korean Terminal

Maritime giants prepare for supersize mega-ships

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.

ONE & PSA Shatter Productivity Record

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.”

Representatives of HMM and PSA at the signing 
Representatives of HMM and PSA at the signing