SK Shipping and H-Line swap tankers to create LNG shipping giant

South Korean shipping giants SK Shipping Co. and H-Line Shipping Co.—both owned by private equity firm Hahn & Co.—have finalized a vessel and contract swap to consolidate their operations into two industry-leading fleets. Under the agreement, SK Shipping will acquire 16 liquefied natural gas (LNG) carriers along with their long-term contracts from H-Line in exchange for 12 tankers, their contracts, and approximately $300 million in cash. The restructuring will elevate SK Shipping to the world’s third-largest operator of LNG carriers, while H-Line will emerge as a dominant regional player in tanker and bulk-shipping operations. Hahn & Co. framed the deal as a strategic move to enhance fleet scale, operational efficiency, and capital strength amid ongoing geopolitical instability in the Persian Gulf, which has disrupted global energy trade flows. The transaction is part of a broader, years-long restructuring effort within Korea’s shipping sector, aimed at shifting away from speculative spot-market operations toward secured, long-term contract models. Hahn & Co. initially formed H-Line in 2014 by acquiring Hanjin Shipping Co.’s dry-bulk operations, later expanding its footprint in 2016 with Hyundai Merchant Marine Co.’s dry-bulk business. In 2018, the firm took majority control of SK Shipping from SK Group and reoriented the company toward vessels backed by long-term contracts to stabilize revenue streams in a volatile market.