Hanjin Shipping enters into strategic partnership with Macquarie Korea
Hanjin Shipping has announced a strategic partnership with the Macquarie Korea Opportunities Fund (MKOF) concerning Hanjin Shipping’s marine terminal operations in Kaohsiung (Taiwan); Osaka and Tokyo (Japan); Long Beach and Oakland in California and Seattle, Washington (USA).
Under the terms of the transaction, MKOF will make a 40% strategic investment in Hanjin Terminals, while Hanjin Shipping will have 60% ownership. The transaction values Hanjin Terminals at approximately US$870 million (KRW 844 billion).
Hanjin Shipping will retain management control over Hanjin Terminals, in addition to co-ordinating certain material decisions with MKOF. The transaction will not affect on-site management or operations of the respective facilities.
With respect to the terminals in Japan, the scope of the transaction is limited to the administration of terminal facilities.
All senior management at the terminal company will remain in place. This strategic move will combine Hanjin Shipping’s overseas terminal businesses into a competitive stand-alone operating company, enabling the company to actively pursue and structure operations to optimise terminal capacity and efficiency.
MKOF managing director David Russell said that Hanjin Terminals is strategically positioned along one of the world’s fastest growing trade routes, and is well placed to capitalise on increasing demand for capacity constrained container terminals.