SK Shipping, the fourth largest shipping company in South Korea, is to be sold off. The subsidiary of energy conglomerate SK Group is to be sold to local private equity firm Hahn & Co. Hahn & Co already owns H-Line Shipping, a fast growing bulk operation founded in 2014. H-Line has taken on many assets from other struggling local lines in recent years.
Hahn & Co is understood to be paying $1.35bn to take a 90% stake in SK Shipping.
In recent years SK Shipping has struggled and it entered a restructuring in February 2017.
SK Shipping is involved in dry bulk, product and crude tankers as well as being the owner of a number of LNG carriers.