Hanjin Shipping Officially Announced to Sell Port of Long Beach

Hanjin Shipping officially announced that it would sell its greatest asset—54% shares of Port of Long Beach operated by Total Terminals International (TTI).  
The expected bidders for the Port of Long Beach include Hyundai Merchant Marine (HMM), Korea’s second-largest shipping company, Mediterranean Shipping Company (MSC) and other international shipping companies. 
According to spokespersons from Hanjin Shipping and the Seoul Central Court, the court has authorized an overseas shipping office as its consultant to assist in the negotiation. 
TTI handles over 30% of the cargoes at Port of Long Beach, co-owned by Hanjin Shipping and MSC. The latter has 46% of the shares. Other users including Maersk Line and Evergreen Marine also have a stake in this port.   
Port of Long Beach serves as the main trade gateway to America and the starting point of the coastal railway. Thus the global shipping companies, especially companies operating the trade routes in America, are likely to be involved in the takeover battle over Port of Long Beach.
The Court has not made public the tender price yet. Industry observers said the final tender price of Port of Long Beach was expected to be 100 billion KRW(87.64 million USD).
HMM plans to takeover the Port with1.4 trillion won, a fund raised by the government with the original intention to support the building of new ships.