Hahn & Company said Wednesday that it has agreed to sell 10 very large crude carriers operated by SK Shipping to Pan Ocean for about 1 trillion won ($694 million).
Under the agreement, Hahn & Co. will divest the vessels for 973.7 billion won. The transaction, which includes the transfer of related long-term shipping contracts with major domestic cargo owners, is scheduled to close by April 11, 2027.
The deal comes after Hahn & Co. acquired a controlling stake in SK Shipping for 1.5 trillion won in 2018. Since the acquisition, the shipping company has seen a marked improvement in its financial performance.
Operating profit rose from 73.3 billion won in 2018 to 395.7 billion won in 2024. Earnings before interest, taxes, depreciation and amortization, a key measure of cash flow, increased nearly 2.8-fold from 231.7 billion won to 640.9 billion won over the same period.
Following the buyout, Hahn & Co. restructured SK Shipping’s portfolio, shifting away from the volatile spot market toward long-term contracts. Such contracts typically secure fixed margins over operating costs, providing more stable revenue regardless of market fluctuations.
The firm also diversified SK Shipping’s customer base by securing contracts with global clients, including QatarEnergy, the world’s largest liquefied natural gas producer, and expanded its fleet of environmentally friendly vessels.
sunblessyou@heraldcorp.com
