Reuters: SK Shipping to become Asia's largest LNG carrier operator in H-Line asset swap
Published by Jessica Casey,
Editor
LNG Industry,
Hahn & Co., the owner of South Korean shipping companies, SK Shipping and H-Line Shipping, will swap vessels and long-term contracts in a deal that will make SK Shipping Asia's largest LNG carrier operator, as reported by Reuters.
SK Shipping will receive 16 LNG vessels and related long-term contracts from H-Line ?Shipping in exchange for 12 tankers, long-term contracts, and approximately US$300 million in cash, Hahn & Co. said in a press release.
After the transaction, SK Shipping will operate 32 LNG carriers and 14 LPG vessels, becoming the third-largest LNG carrier operator globally.
Hahn & Co. plans to rebrand the company as ?K-LNG.
H-Line Shipping will become a tanker and bulk shipping-focused operator following the asset swap.
The reshuffle would improve scale and operating efficiencies at both companies and position ?K-LNG to benefit from growing LNG demand, Hahn & Co. said.
Both SK Shipping and H-Line Shipping are controlled by ?South Korean private equity firm Hahn & Co., which acquired a controlling stake in SK Shipping in ?2018 and created H-Line Shipping in 2014 through the acquisition of Hanjin Shipping's long-term dry bulk business.
Read the article online at: https://www.lngindustry.com/lng-shipping/18082026/reuters-sk-shipping-to-become-asias-largest-lng-carrier-operator-in-h-line-asset-swap/
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