Hahn & Company Swaps Fleets Between SK Shipping and H-Line Shipping
Hahn & Company, a South Korean private equity fund, has announced a fleet swap between its two shipowners, SK Shipping and H-Line Shipping. The transaction involves an exchange of vessels and long-term charter contracts. As part of this deal, SK Shipping will receive the entire liquefied natural gas (LNG) carrier fleet of H-Line Shipping, along with associated charter contracts.
In return, SK Shipping will hand over a batch of tanker vessels, mostly very large crude carriers (VLCCs), to H-Line Shipping, as well as a cash balance. The bank financing attached to each vessel follows the ship to its new owner, a common practice in the industry.
Hahn & Company claims that SK Shipping will become one of the largest LNG carrier fleets in Asia after the deal is completed, but this ranking claim has not been confirmed. The company's chief executive officer, Hahn Sang-won, founded Hahn & Company in 2010 and led the firm as it pursued a long-standing exit from crude oil transport.