Hyundai Merchant Marine is set to take over Hanjin Shipping, according to Korea Business.
Hanjin is Korea’s largest and the world’s seventh biggest shipping carrier and is responsible for a large percentage of the country’s exports.
It is estimated that Hyundai will have to spend between $270 million to $360 million on the asset acquisition. Hyundai will acquire 37 vessels and the rights to manage the Long Beach Container Terminal, the Gwangyang Terminal, and the HPC Terminal.
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