Eusu Ship Management bought by Hyundai subsidiary

The transaction comes in the form of a stock purchase, under which Hyundai Glovis will take over Eusu Ship Management from Eusu Holdings for about $9.7 million.

   Logistics company Hyundai Glovis, the transportation arm of Hyundai Motor Group, has reached an agreement to take over South Korean vessel engineering services company Eusu Ship Management, Hyundai said in a statement Friday.
   The transaction comes in the form of a stock purchase, under which Hyundai Glovis will take over Eusu Ship Management from Eusu Holdings for about $9.7 million, according to the companies.
   Eusu Ship Management manages vessel materials, equipment and operations and trains, plus provides vessel equipment and materials to shipping carriers, including in the past for the now-bankrupt Hanjin Shipping Co. Until now, the company been fully owned by South Korean shipping and logistics company Eusu Holdings, which was known as Hanjin Shipping Holdings Ltd. prior to separating from Hanjin in May 2015.
   Hyundai Glovis said that it plans to incorporate Eusu Ship Management as its subsidiary and continue operations before at some point changing the company name.
   The company said it expects the acquisition to help enhance its competitiveness in the auto and bulk shipping sectors.
   Hyundai Glovis operates a fleet of 46 vessels, 31 car carriers and 15 bulk carriers already under Eusu’s management. Two more car carriers currently under construction are expected to to be delivered and deployed later this year.