On January 30, 2019, HMM held a signing ceremony for the ‘PSA-Hyundai Pusan New Port (PHPNT) Pier 4’ sales contract. This sales contract includes that the private equity fund, Yuanta-HPNT, which will acquire stakes of Waska Inc. which holds 50% stakes of PHPNT.
The total investment amount will be KRW 221.2 billion which consists of HMM and PSA’s investment of KRW 177 billion and 44.2 billion, respectively. As result, HMM will become co-owner of PSA-Hyundai Pusan New Port with PSA, each with 50% equal stakes.
HMM will also secure stable berths for 23,000 TEU mega containerships which are planned to be delivered in the second quarter of 2020. What is more, HMM plans to attract global liners participating in the shipping alliance to call at Pusan port in order to increase transit cargo volume and terminal revenue.
HMM’s CEO C.K. Yoo, stated:
Through the acquisition of PHPNT’s 50% 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
