Hyundai Merchant Marine (HMM) and Mediterranean Shipping Company (MSC) are the leading contenders to buy California’s biggest container terminal at the Port of Long Beach, reports The Wall Street Journal.
According to authoritative sources, a joint bid from the two is expected to win the race for the three million container facility, after another bidder, Korean Line Corporation, withdrew its bid.
Up for grabs is a 54% share of the Long Beach port operator, Total Terminals International (TTI). This is owned by Hanjin Shipping Company (HSC), which went bankrupt in August. MSC already owns the remaining 46%.
The terminal handles more than 30% of the container throughput at the Port of Long Beach, which, along with the Port of Los Angeles, are the two largest ports on the US West Coast.
It is a leading trade gateway to the US, and a starting point of the coast-to-coast railway. Because vessels up to 13 000 TEUs are now able to transit the recently widened Panama Canal, the Long Beach terminal becomes a key spot to operate these mega-ships.
