TTI Algeciras to change hands
HMM has agreed to sell its 50% stake minus one share in Total Terminal International Algeciras (TTI Algeciras) to CMA CGM.
The container terminal in the south of Spain is owned by HMM and HT Algeciras, which is a special purpose company wholly controlled by HMM. HMM directly owns a stake of 50% minus one share, with the remaining 50% stake plus one share held by HT Algeciras. The deal is set to be closed before the end of the year.
TTI Algeciras started operations in May 2010, with a maximum handling capacity of 1.6 million teu. The terminal can accommodate the latest and future generations of ULCVs (Ultra Large Container Vessels) with an equipment of eight ship to shore cranes, 32 automatic stacking cranes and 21 shuttle carriers.
The financial details including the price of the deal were not disclosed. HMM said in a press release that it expects a great synergy effect based on strategic cooperation with CMA CGM in terms of enhancing profitability and operational capabilities by securing additional cargoes. (mw)