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            november 13, 2019

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PSA and HMM take over Busan New Port to accomodate mega ships


Korea's Hyundai Merchant Marine (HMM) has become a 50 per cent stakeholder in the PSA-Hyundai Busan New Port (PHBNT) following an investment collaboration with Singaporean terminal operator PSA, reports London's Port Technology.
The total invested by HMM and PSA will come to US$198 million and under the deal will be made through Yuanta-HPNT, a private equity fund founded by both companies to facilitate the joint-takeover of (PHBNT).
The deal has also secured for HMM stable berths for 23,000-TEU mega ships, which the company expects to be delivered in the second quarter of 2020.
Furthermore, HMM has also said the deal will help it boost profitability and attract major shipping lines to Busan.
Said HMM chief executive CK Yoo: "Through the acquisition of PHPNT's 50 per cent stakes, HMM can strengthen its competitiveness and provide top priority to customer service at the same time. We will do our best to make PHPNT a worldwide hub port."

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