Hyundai Merchant Marine (HMM) is gearing up its efforts to take over assets from collapsed rival Hanjin Shipping with an offer for a Spanish terminal.
The South Korean company submitted a bid to acquire a stake in the Algeciras terminal, a spokesman told Bloomberg without elaborating.
Hanjin owns a 25% slice and South Korean institutions hold the rest.
Maersk Group’s APM Teminals is already operating in the region while China’s Cosco is said to be interested in investing.
This is not the only Hanjin-controlled asset that is being targeted by compatriot HMM.
HMM is among the few bidders interested in taking over Hanjin’s Asia-US business.
According to Yonhap, another Hanjin-owned vessel was arrested in Shanghai yesterday, bringing the total number of detained ships worldwide to five as of today.
