South Korean private equity giant Hahn & Company is selling 10 very large crude carriers operated by SK Shipping to Pan Ocean for KRW973.7bn ($694m). The deal, which transfers related long‑term cargo contracts with major domestic shippers, is slated to close by April 11, 2027 and follows Hahn’s 2018 acquisition of a controlling stake in SK Shipping.
Last year, HMM, South Korea’s flagship carrier, looked at buying SK Shipping but a persistent valuation gap made the deal untenable.
The VLCC divestment marks another step in Hahn’s reshaping of SK Shipping’s fleet and commercial profile. Since the 2018 buyout, SK Shipping has shifted away from volatile spot exposures toward long‑term contracts, helping operating profit climb from 73.3 billion won in 2018 to 395.7 billion won in 2024 and lifting EBITDA from 231.7 billion won to 640.9 billion won over the same period.
SK Shipping plans to redeploy proceeds from the sale into different shipping sectors.
The VLCC markets have been surging this year, largely down to the actions of another Korean player, Sinokor, which has bought more than 50 VLCCs over the past couple of months as well as fixing many more on charter.
