To ensure a smooth transition with no disruption to services, the two companies will co-operate for three months.
On May 7th, Hanjin will take over the management and operations of the consolidated facilities.
Financial details on the transaction were not disclosed.
The move has been approved by the Kaohsiung Harbor Bureau (KHB) and is in line with its Port Master Plan to integrate container terminal operations at Kaohsiung.
According to GS Choi, CEO of Hanjin Pacific Corp and executive vice president & chief executive of Hanjin Shipping's terminal business unit, operations at the newly expanded Hanjin Pacific terminal will be in full swing by the second quarter of 2010 and will double the handling capacity of existing HPC services.
Martin Gaard Christiansen, CEO for APM Terminals' Asia Pacific region, said that the move is result of the changing market conditions, and it makes sense to transfer its Kaohsiung Pier 76-77 location to Hanjin as it will complement Hanjin's existing facility and also satisfy the port master plan to better integrate Kaohsiung terminal facilities.
Hanjin Shipping runs twelve dedicated terminals worldwide: five in China and seven in Japan, Taiwan, Europe and the US. Three more are scheduled to open in Algeciras, Spain (2010), Tan Cang-Cai Mep in Vietnam (2011) and Jacksonville, US (2013).
APM Terminals operates a global terminal network of fifty terminals in 34 countries.
