The JV will be launched this year, but the exact date has not yet been set, the HMM spokesperson told Offshore Energy – Green Marine.

HMM will secure its container terminal at Singapore, the busiest transshipment port.

PSA will control 58 per cent of the joint venture, with the remaining part owned by HMM and Korea Ocean Business Corp. (KOBC), a state-owned company set up to support South Korean shipping companies, Yonhap News Agency quoted the Ministry of Oceans and Fisheries (MOF) as saying.

Further details on the proposed collaboration have yet to be released by HMM and PSA.

Last week, HMM announced that it had signed a sales and purchase agreement with CMA CGM to sell its 50 per cent interest minus one share in Total Terminals International Algeciras (TTI Algeciras), a container terminal in southern Spain.

Maritime Business World