HKY sets sail at the end of February

The Hyundai Busan Container Terminal, commonly referred to as “Jasungdae Terminal”, changed its name to “Hutchison Korea Terminal” as of February 27.

As Hutchison Port Holdings, a Hong Kong based terminal operating company, finished paying US 215 million (KRW 282.5 billion) for Jasungdae wharf, Kamman wharf and Kwangyang terminal February 26, it started its new sales operations in Korea as of midnight, February 27.

According to several shipping companies, Eddie Teh, CEO of Hutchison Asia, took office at HKT while Mr. Choi Won-jong, former executive manager at Hyundai Merchant Marine, takes charge of Jasungdae wharf and Kamman wharf. Jeong Ho-soo, former manager of port logistics in HMM also moved to managing director of HKT.

Industry rumor has it that HKT is restructuring its organization and will only retain 50% of the Pusan container terminal workforce.

Hutchison and HMM signed an MOU to sell three container terminals, Kamman terminal, Jasungdae terminal and Kwangyang terminal January 16, 2002.