SK Shipping to double LNG carrier fleet via restructuring

South Korean-based SK Shipping is set to double its LNG carrier fleet to 32 vessels as part of a restructuring plan involving its sister company, H-Line Shipping. The private equity owner, Hahn & Co, announced that SK Shipping will acquire 16 LNG carriers and their associated long-term charters from H-Line.

In exchange, SK Shipping will provide 12 tankers, related contracts, and approximately $300 million in cash. This transaction includes the transfer of vessel financing. The expansion is expected to make SK Shipping the largest LNG carrier operator in Asia and the third largest globally.

The 16 vessels acquired from H-Line are linked to long-term charters with major clients, including Vitol, ExxonMobil, Petronas, and QatarEnergy, with many contracts extending beyond 2035. This move completes SK Shipping's strategic shift away from tankers toward vessels supported by long-term contracts.