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Hanjin Shipping sells TTI Algeciras

Hanjin Shipping has announced that IBK Securities Company and Korea Investment Partners Company have made the best offer for its Algeciras-based container terminal, TTIA

The sales of Total Terminals International Algeciras (TTIA) has been mooted for some time (see, for example, WorldCargo News, January 2014, p8), as Hanjin seeks ro reduce debt levels. A firm agreement is expected to be signed within the next six months. It is reported that the consortium of IBK and KIP has agreed to buy a 70% stake for W180B (€121.8M).

The sale is one of several measures being taken by Hanjin Shipping to strengthen the group’s financial structure.

The regional government of Andalusia in Spain recently made available €3.86M of financial incentives to TTIA to support the proposed expansion of its container terminal at Isla Verde Quay. This initiative, which is part of a €44.1M investment package, will help TTIA compete with regional rivals, such as Tanger-Med, claimed the government. Once implemented, TTIA would have an additional 83,000 m² of yard; currently it operates an area of 293,000 m². This new operating area would be associated with thr acquisition of another 12 ASCs.

In 2013, TTIA reported a throughput of 1.21M TEU, up 4.1% over 2012. Traffic has gone up every year since TTIA commenced operations in 2010.

via: www.worldcargonews.com