SEOUL, SOUTH KOREA— Pan Ocean Co., a South Korean bulk carrier, purchased a 36.25% stake in the Export Grain Terminal (EGT) in Longview, Washington, US, Yonhap News Agency reported.

Located in the US Pacific Northwest, the EGT export grain terminal handles wheat, corn, soybeans, soybean meal, and DDGs through both barge and rail. It can unload 120,000 tonnes of grain per hour, unloading a 110-car train in less than five hours.

Pan Ocean purchased its interest from ITOCHU International Inc. EGT is a joint venture between Bunge North America, the North American operating arm of Bunge Ltd., and ITOCHU International Inc., a US subsidiary of Japanese trading company ITOCHU Corp.

Pan Ocean told the Yonhap News Agency, “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.”