Hyundai Merchant Marine has been named the preferred bidder for a port terminal in Algeciras, Spain, according toa company announcement. The terminal is currently owned in part by Hanjin Shipping.

Hanjin filed for bankruptcy in a South Korean port in late August.

The development marks a turnabout for HMM which recently lost out on a bid to buy Hanjin’s U.S.-Asia business to Korea Line.

HMM is expected to finalize its purchase of a 100-percent stake in Total Terminal International Algeciras in late December. The closing will follow a period of due diligence on the assets which began on November 28 and whicj will last for two to three weeks.

Located in Algeciras, Spain, the TTI Algeciras is considered a global strategic logistics hub as it serves as the intersecting point of the route connecting Europe with South America and Asia with North America.

The 3.9 million suqare foot terminal, with the annual capacity of 1.86 million TEUs, is considered to be one of the more lucrative assets of Hanjin Shipping, which is currently undergoing liquidation. The temrinal can accommodate large containerships with capacities of over 10,000 TEU.

Currently, Maersk Line, CMA-CGM, China Cosco Shipping, MOL, and K Line use the terminal.

HMM will be allowed to use the terminal until July 2040 under an anticipated lease contract with the Algeciras port authority.

“Hyundai Merchant Marine looks forwards to expanding terminal business and building a long-term growth drive with the new terminal,” said company officials. “It is planning to boost the competitiveness of the company by taking over additional Hanjin Shipping’s lucrative assets and constructing new vessels.”

With three terminals under its ownership in the United States and Taiwan, the Korean shipping company is working to expand the capacity of those terminals and to modernize the facilities. HMM also holds 20 percent of the shares of container-only terminal RWG in Netherlands.