South Korean shipping giant Hyundai Merchant Marine (HMM) has been selected as the preferred bidder for a terminal in Algeciras, Spain, owned by its bankrupt compatriot Hanjin Shipping.

The company earlier said that it would purchase of a 100 percent stake in Total Terminal International Algeciras, situated at Port of Algeciras Bay, from its owners, including IBK Securities Co Ltd, according to Reuters.

Although it did not reveal the financial terms of the transaction, HMM said that it is expected to be finalized in late December.

TTI Algeciras counts with a concession area of 300,119 square metres, 57,621 square metres of public manoeuvring zone and two quay lines of 850 metres on the East and 550 metres on the North, with a draught of 18,5 and 17,5 metres, respectively.

The terminal is capable of handling Ultra Large Container Vessels (ULCVs) with an equipment of 8 ship-to-shore cranes, 32 automatic stacking cranes and 22 shuttle carriers.

Earlier in November, the company lost the race for Hanjin Shipping’s Asia-US route network.

South Korea’s shipping company Korea Line Corp, which was selected as the preferred bidder for the network signed the KRW 37 billion (USD 31.4 million) purchase deal earlier this week.

The agreement includes Hanjin’s business network and client information related to the route, subsidiaries and logistics management systems in seven countries, including the U.S., China and Vietnam.