Hahn & Co Creates Asia's Largest LNG Carrier Operator
South Korean private equity firm Hahn & Co is reshuffling its liquefied natural gas (LNG) tanker fleets to create Asia's largest and the world's third-largest operator of LNG carriers. The move involves transferring 16 LNG carriers and their related long-term contracts from H-Line Shipping to SK Shipping in exchange for 12 tankers, long-term contracts, and approximately $300 million in cash.
This transaction will give SK Shipping control over as many as 32 LNG carriers and 14 liquefied petroleum gas (LPG) vessels. Meanwhile, H-Line Shipping will focus on tanker and bulk shipping operations.
Hahn & Co acquired Hanjin Shipping's long-term dry-bulk operations in 2014 to create H-Line Shipping. Four years later, the private equity firm bought an 80% stake in SK Shipping from SK Group.