HMM has agreed to sell a 50% stake minus one share in Total Terminal International Algeciras (TTI Algeciras) to French rival CMA CGM.
The South Korean shipowner said it expected the deal to enhance the terminal’s profitability and operational capabilities by securing additional cargoes.
The remaining 50% stake plus one share is held by HT Algeciras, which is a special purpose company wholly controlled by HMM.
