South Korean container carrier Hyundai Merchant Marine (HMM) has pulled out of a joint bid with the Mediterranean Shipping Company (MSC) to acquire a majority stake in an operator of a container terminal at California’s Port of Long Beach, the Wall Street Journal reports.

Earlier this month, HMM and MSC teamed up to jointly bid on a 54 percent stake in terminal operator Total Terminals International (TTI), currently controlled by the struggling Hanjin Shipping. The remaining 46 percent stake in the terminal operator is already held by MSC.

HMM now plans to take a ”low double-digit stake” in TTI later on to save on cargo unloading costs, C.K. Yoo, HMM’s Chief Executive Officer, told WSJ.

Following the recently signed agreement to enter into a ”strategic cooperation” with the 2M Alliance of Maersk Line and MSC, HMM announced plans to take 5 percent of global market share by 2021.

The carrier currently controls 2.2 percent of global container capacity.