BOOKMARK
  • Korean|
  • Chinese|
  • Japanese|
  • Vietnamese
본문내용 바로가기

Aju Business Daily

SEARCH
World's top technology exhibition CES 2021
  • ECONOMY
  • ENTERTAINMENT
  • IT
  • South Korea
  • North Korea
  • WORLD
  • SPORTS
  • LIFESTYLE
  • AUTO MOTIVE
  • OPINION
  • PEOPLE
  • MILITARY
Home > Industry > article

French shipping group CMA secures stake in Algeciras terminal

Lim Chang-won Reporter(cwlim34@ajunews.com) | Posted : August 10, 2020, 12:59 | Updated : August 10, 2020, 12:59
  • 트위터
  • 페이스북
  • 웨이보
 

HMM Algeciras, the world’s largest container vessel owned by HMM.[Courtesy of HMM]


SEOUL -- CMA CGM S.A., a French shipping group, became a joint venture partner to operate a terminal in Algeciras, Spain, by purchasing a stake from HMM, a major creditor-controlled shipping company in South Korea. The two companies will set up a joint venture with the goal of starting operations in the fourth quarter.

HMM, formerly known as Hyundai Merchant Marine, has signed a contract with CMA CGM to sell shares in Total Terminal International Algeciras (TTIA) S.A.U. in the port of Algeciras Bay, a strategic point in the Strait of Gibraltar. Financial terms were not disclosed.

The French group became the second shareholder of TTIA, while HMM will maintain a 50 percent plus one share through a special purpose corporation, keeping its largest shareholder status. The deal will help HMM secure the stable operation of TTIA, a bridgehead for expanding operations in the Mediterranean and African regions.

In 2017, HMM purchased a 100 percent stake in TTIA from Hanjin Shipping, which used to be South Korea's largest container carrier. HMM has tried to enhance its international competitiveness and profitability since Hanjin terminated its 40-year-long business in February 2017, when South Korean shippers were in trouble due to falling freight rates and a protracted slump in the global economy.

  • Lim Chang-won Reporter
  • email : cwlim34@ajunews.com
© Aju Business Daily & www.ajunews.com Copyright: All materials on this site may not be reproduced, distributed, transmitted, displayed, published or broadcast without the authorization from the Aju News Corporation.
  • twitter
  • facebook
  • weibo
  • link copy
  • LIST
  • TOP

Related news

  • .Hyundai Merchant denies receivership, shares rebound sharply.
    Hyundai Merchant denies receivership, shares rebound sharply
  • .HMM opens fleet control center for efficient operation of smart ships.
    HMM opens fleet control center for efficient operation of sm…
  • .Shipping industry receives short-term liquidity to overcome financial woes .
    Shipping industry receives short-term liquidity to overcome …
  • .Hyundai group chairwoman sued for breach of trust.
    Hyundai group chairwoman sued for breach of trust
  • .BTS Suga hints at collaboration with British singer Ed Sheeran.
    BTS' Suga hints at collaboration with British singer Ed Shee…

Real Time Photo News

  • .Singer IU drops teaser image for upcoming full album.

    Singer IU drops teaser image for upcoming full album

  • .Cube Entertainment partners with web comics company to create online video content.

    Cube Entertainment partners with web comics company to create online video content

  • .Sci-fi film starring Song Joong-ki to be reelased on Netflix in February.

    Sci-fi film starring Song Joong-ki to be reelased on Netflix in February

  • .Actor Kim Soo-hyun to star in S. Korean remake of British TV drama series Criminal Justice.

    Actor Kim Soo-hyun to star in S. Korean remake of British TV drama series 'Criminal Justice'

  • .CJ ENM partners with NCSoft to roll out new digital content for global market.

    CJ ENM partners with NCSoft to roll out new digital content for global market

Latest News

more+

  • Singer IU drops teaser image for upcoming full album
  • Hyundai to complete construction of fuel cell production plant in China in 2022
  • Seoul builds solar power plant on idle land near urban expressway
  • Samsung showcases new Galaxy S21 smartphone models
  • Southern city launches joint research project to develop heavy-duty flying taxi drone
Aju Business Daily
  • ABOUT US
  • CONTACT US
  • PRIVACY STATEMENT
  • Copyright Policy

Address : Aju News Corporation LEEMA Building, 11th floor, 42, Jong-ro 1-gil, Jongno-gu, Seoul.    Mail : swatchsjp@ajunews.com

Copyright ⓒ 2016 By Ajunews Corporation, All Rights Reserved.

Mobile view