Hahn & Company Creates Asia's Largest LNG Carrier Through Fleet Swap
Hahn & Company is restructuring its shipping portfolio by swapping fleets between SK Shipping and H-Line Shipping. The move will make SK Shipping Asia's largest liquefied natural gas (LNG) carrier, with a fleet of 32 vessels, while H-Line Shipping will focus on crude oil and raw materials transportation.
The transaction involves SK Shipping receiving 16 LNG carriers from H-Line Shipping in exchange for $300 million in cash and 12 oil tankers. This move is expected to elevate SK Shipping to the third-largest LNG shipping company globally.
Hahn & Company's strategy focuses on long-term shipping contracts, which have significantly improved profitability at both companies. SK Shipping's operating profit grew from 73.3 billion won ($51.9 million) in 2018 to 504 billion won ($356.7 million) last year, while H-Line Shipping's operating profit increased from 127.3 billion won ($90.1 million) in 2015 to 369.4 billion won ($261.4 million) in 2025.
A senior investment banking industry source noted that this restructuring allows for clearer valuation logic and specialization of LNG/LPG and long-term contract-based bulk/tanker businesses separately.