Pan Ocean buys into US grain terminal

South Korea's top bulk carrier Pan Ocean Co. said Monday it has completed a takeover of a 36.25 percent stake in an export grain terminal on the US northwest coast in an effort to expand its presence in the global market.

Pan Ocean said it has purchased the interest from Japan's Itochu, becoming the second-largest stakeholder in the Export Grain Terminal (EGT) at the port of Longview in the state of Washington.

Pan Ocean didn't disclose the financial terms of the deal. US agricultural commodities trader Bunge currently holds the largest 64 percent stake in EGT.

Pan Ocean said the terminal can handle 9 million tons of corn, wheat, soybeans and other grain per year. It is also equipped with storage facilities, a wharf and an unloading system.

In addition, EGT owns and operates four inland elevators in the state of Montana, it added.

Pan Ocean said the takeover will likely help hone the competitiveness of its grain business. "The acquisition is expected to boost Pan Ocean's status in the world's grain distribution market, diversify our grain portfolio and help us make forays into new markets." (Yonhap)