High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
SEOUL, Nov 25 (Reuters) – South Korea’s Hyundai Merchant Marine Co Ltd (HMM) said on Friday it was chosen as preferred bidder to buy a port terminal in Algeciras, Spain, partly owned by Hanjin Shipping Co Ltd.
HMM said in a statement it is expected to finalise its purchase of a 100 percent stake in Total Terminal International Algeciras in late December from the current owners, including IBK Securities Co Ltd, without elaborating on price or other sales terms.
Representatives of Hanjin Shipping and IBK Securities could not immediately be reached. (Reporting by Joyce Lee; Editing by Stephen Coates)
(c) Copyright Thomson Reuters 2016.
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