Hanjin Selling Terminal Operations at Port of Seattle
As part of the agreement to sell its stake in Total Terminals International (TTI), the bankrupt South Korean carrier Hanjin Shipping is also shedding its operations in the port of Seattle.
Namely, an affiliate of Geneva-based Mediterranean Shipping Company (MSC) will purchase Hanjin’s stake in Total Terminals International (TTI), the operator of Terminal 46 at the port of Seattle and the Californian port of Long Beach, MANA correspondent reported.
The 54 percent share will be sold to MSC’s Luxembourg-based Terminal Investment Limited.
“The terminal is leased until 2025. It’s hard to know what the long-term effects of this sale might be. We know the industry remains in flux as shipping lines shift their alliances,” a representative from Northwest Seaport Alliance (NWSA) said.
The deal also guarantees the accelerated installation of ship-to-shore cranes capable of handling the world’s biggest container ships.