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South Korean bulk carrier Pan Ocean Co. has completed its 36.25 percent takeover of Export Grain Terminal (EGT) at the Port of Longview in the state of Washington from Japan's Itochu.
Pan Ocean didn't disclose the financial terms of the deal.
EGT, which can handle 9 million tons of wheat, corn, soybeans, and other grain per year, is equipped with a wharf, storage facilities, and an unloading system. Also, EGT owns and operates four inland elevators in Montana.
The EGT at Longview was built as a joint venture between Bunge, Itochu, and STX Pan Ocean, although it is listed as a joint venture between Bunge and Itochu.
According to Pan Ocean, its acquisition of EGT would boost its status in the world's grain distribution market, diversify its grain portfolio, and help its foray into new markets.
Pan Ocean supplied to 644,000 metric tons of corn and feed wheat to South Korea in 2019, rising from the 450,000 metric tons of corn into Korea in 2018.
