December 9, 2016
The leading contenders emerging to buy the Port of Long Beach’s largest terminal are Korean-based Hyundai Merchant Marine Co. and Geneva-based Mediterranean Shipping Co. A bid for the 385-acre facility by Korean Line Corp. was withdrawn.
A 54% share of Total Terminals International LLC, owned by bankrupt Hanjin Shipping Co., is up for grabs. Mediterranean Shipping already owns the 46% balance of the terminal.
The joint bid may also bolster the Korean operator’s effort to be part of the 2M Alliance, a major shipping alliance, and a critical factor in today’s global shipping industry. Current members are Maersk and Mediterranean Shipping, the world’s two biggest container operators, which move a combined 32.4% of all seaborne containers.
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