SK Shipping and H-Line Shipping agree to asset swap

South Korean shipping companies SK Shipping and H-Line Shipping, both owned by private equity firm Hahn & Co., have agreed to an asset swap to specialize their respective fleets. Under the terms of the deal, SK Shipping will receive 16 liquefied natural gas (LNG) vessels and their associated long-term contracts from H-Line. In exchange, SK Shipping will provide 12 tankers, their contracts, and approximately $300 million in cash.

The restructuring aims to create more specialized maritime entities. Following the transaction, SK Shipping—which Hahn & Co. plans to rebrand as K-LNG—will operate 32 LNG carriers and 14 liquefied petroleum gas vessels, making it the largest LNG carrier operator in Asia and the third-largest globally. H-Line Shipping will pivot to focus on tanker and bulk-shipping operations.

This consolidation is part of a long-running effort to reshape the South Korean shipping sector. The move allows the companies to improve operating efficiencies and scale to meet growing global LNG demand and navigate geopolitical uncertainties in energy trade regions like the Persian Gulf.