Korea Line pulls out of Long Beach terminal bid
South Korean bulk carrier Korea Line’s parent company SM Group has pulled out of the bidding process for the purchase of Hanjin shipping’s 54% stake in a container terminal in Long Beach, California, local media reported.
According to sources cited by South Korean news agency Yonhap, Korea Line decided to withdraw its bid after struggling to raise funds.
The two remaining bidders for Hanjin’s stake in Total Terminals International (TTI), which operates Pier T at the Port of Long Beach, are reportedly a consortium of Hyundai Merchant Marine (HMM) and the Mediterranean Shipping Company (MSC), and a Korean private equity fund.
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