Hanjin sells Japan, Taiwan terminals

viernes, 08 diciembre 2006

(SINGAPORE) Hanjin Shipping Co, South Korea's biggest shipping line, said it agreed to sell its container terminal operations in Taiwan and Japan for 322.3 billion won (S$515.7 million) to a venture it partly owns...

The terminals in Tokyo and Kaohsiung are sold to Hanjin Pacific Corp, which Hanjin Shipping set up with Macquarie Korea Opportunities Fund, the Seoul-based shipping company said in a regulatory filing yesterday.

Hanjin Shipping and other rivals are selling their terminal operations to focus more on cargo transport to cater to growing global trade.

In the last five years, container shipping lines have increased fees amid rising demand. Worldwide trade is estimated to expand 8.9 per cent this year and 7.6 per cent in 2007, according to the International Monetary Fund (IMF).

Orient Overseas (International) Ltd of Hong Kong also agreed in November to sell its North American container terminals to Ontario Teachers' Pension Plan, Canada's third-biggest retirement-fund manager, for US$2.35 billion.

Hanjin Shipping said in September it will acquire a 60 per cent stake in each of two ventures that will take over the shipping line's terminal operations in the US, Japan and Taiwan.
The remaining shares are owned by Macquarie Korea Opportunities.

Source: The Shipping Times.