SK Shipping Doubles LNG Fleet with H-Line Vessel Swap Deal
South Korean shipping companies SK Shipping and H-Line Shipping have announced a major vessel swap deal. As part of the agreement, SK Shipping will receive 16 liquefied natural gas (LNG) vessels and related long-term contracts from H-Line Shipping in exchange for 12 tankers, long-term contracts, and about $300 million in cash.
The deal marks a significant expansion for SK Shipping, which will become Asia's largest LNG carrier operator. After the transaction, the company will operate 32 LNG carriers and 14 liquefied petroleum gas (LPG) vessels, making it the third-largest LNG carrier operator globally.
H-Line Shipping, on the other hand, will focus on tanker and bulk shipping operations following the asset swap. The reshuffle is expected to improve scale and operating efficiencies at both companies and position K-LNG to benefit from growing LNG demand.