South Korea's Hanjin Shipping Co.Ltd. has been chosen as the 'preferred bidder' to develop the Isla Verde Exterior Container Terminal in the Spanish port of Algeciras Bay.
The project, if successful, will represent the first direct investment by an Asian shipping line in Spain and the Western Mediterranean.
The completion of the bidding process last year on December 21 saw the Algeciras Bay Port Authority narrow down the list of interested parties to Hanjin.
The technical evaluation committee of the Algeciras Bay Port Authority will now study in detail the proposal documents presented, after which the Port Authority Board of Administration is expected to grant Hanjin the 30-year concession to develop the terminal.
Currently Hanjin operates 12 terminals around the world, the last to be added being in Jacksonville on the east coast of the US, which joined the other Hanjin US terminals operating on the west coast at Long Beach, OaklandSeattle.
Situated at the entrance of the Mediterranean on the Straits of Gibraltar, Algeciras Bay is the largest port in Spain - handling in excess of 75 million tonnes of cargo in total and 3.5 million TEUs in 2007 - and is the busiest port in the Mediterranean. and
Situated at the entrance of the Mediterranean on the Straits of Gibraltar, Algeciras Bay is the largest port in Spain - handling in excess of 75 million tonnes of cargo in total and 3.5 million TEUs in 2007 - and is the busiest port in the Mediterranean. and