MSC acquires Hanjin's stake in U.S. ports operatorStaff Writer | February 1, 2017
A unit of Swiss shipping group MSC has bought a stake in U.S. ports operator Total Terminals International (TTI) from Hanjin.
Acquisition TTI leases and operates container terminals
Last month, a U.S. judge gave the green light for the sale of failed Hanjin's stake in TTI despite objections from container companies owed money by Hanjin, concerned whether the shipping group was getting the best price.
The TTI sale included Terminal Investment forgiving $54.6 million in debt owed by Hanjin.
The U.S. judge said the sale was supported by the ports of Seattle and Long Beach. TTI leases and operates container terminals in Long Beach and Seattle on the West Coast of the United States. ■