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HMM regains control over PSA HPNT in Busan

Jan 31,2019
Hyundai Merchant Marine (HMM) said Wednesday it acquired joint ownership of PSA Hyundai Pusan New-port Terminal (PSA HPNT) in Busan.

At a ceremony attended by the Minister of Oceans and Fisheries, Yuanta HPNT, a company jointly established by the shipping liner and Singaporean shipping company PSA, signed a contract to purchase Waska, which holds a 50-percent stake in the terminal. With the acquisition, HMM regains operational control over the terminal.

Hyundai Merchant Marine CEO Yoo Chang-keun said, “By reacquiring an exclusive terminal, we can strengthen HMM’s competitiveness and provide stable service.”

By Chae Yun-hwan