Hyundai Merchant Marine : HMM joins forces with CMA CGM on TTI Algeciras operation

HMM joins forces with CMA CGM on TTI Algeciras operation

HMM announced that the company has signed a sales and purchase agreement with CMA CGM for the sale of

its 50% stake minus one share in Total Terminal International Algeciras (TTI Algeciras), a container terminal in

the south of Spain.

Shares of TTI Algeciras are owned by HMM and HT Algeciras which is a special purpose company wholly con-

trolled by HMM. HMM directly owns a stake of 50% minus one share, with the remaining 50% stake plus one

share held by HT Algeciras.

HMM has decided to sell its own 50% stake minus one share but still maintains its position as the largest

shareholder through HT Algeciras.

The financial details including the price of the deal were not disclosed.

HMM expects a great synergy effect based on strategic cooperation with CMA CGM in terms of enhancing

profitability and operational capabilities by securing additional cargoes.

HMM official said, 'TTI Algeciras has a great geographical advantage to play an integral role as a trans-

shipment hub located at the centre of containerised cargo flow on main trade lanes. We believe TTI Algeciras

will take centre stage in the Gibraltar area as it has a high potential for future growth and development. We are

expecting more business opportunities in the years to come based on stable operations of the terminal.'

This transaction, subject to regulatory approval, is expected to be completed in Q4 2020 for joint operations

to be started.

Meanwhile, TTI Algeciras was formerly operated by Hanjin Shipping but HMM acquired a 100% stake in the

terminal in 2017.

About TTI Algeciras (Total Terminal International Algeciras): TTI Algeciras, located in the south of Spain,

a strategic point in the Strait of Gibraltar, is the first semi-automatic terminal in southern Europe and the

Mediterranean area. TTI Algeciras counts with a total area of 357,740 square metres and initiated its oper-

ation on May 2010, with a maximum handling capacity of 1.6 million TEUs. The terminal can accommodate

the latest and future generations of ULCVs (Ultra Large Container Vessels) with an equipment of 8 ship to

shore cranes, 32 automatic stacking cranes and 21 shuttle carriers.

(Source :http://www.ttialgeciras.com/en/the-company/)

Location of TTI Algeciras

Terminal Operation, TTI Algeciras (Source: TTI Algeciras)