S. Korea’s Pan Ocean Becomes Second Largest Stakeholder in U.S.’s Port of Longview
Pan Ocean Co., South Korea’s largest bulk carrier, has completed the acquisition of a 36.25 percent stake in Export Grain Terminal (EGT) in Washington State.
Through the deal, Pan Ocean has bought the interest from Japan’s Itochu, making the company the second largest stakeholder in the terminal at the Port of Longview after Bunge, which holds a 64 percent majority interest.
EGT has a handling capacity of 9 million tons of corn, wheat, soybeans, and other grains per year. It also includes storage facilities, a wharf, an unloading system, and ownership of four inland elevators located in Montana.
Pan Ocean stated that it expects this deal to diversify its grain portfolio, raise its status in the global grain distribution market, and help it expand into new markets.
The financial terms of the purchase were not released.