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An HMM container vessel. (Photo courtesy of HMM) |
[Alpha Biz= Paul Lee] Seoul, September 1, 2025 — Hahn & Company, the private equity firm that has been pursuing a partial sale of SK Shipping, has terminated negotiations with HMM, which had been selected as the preferred bidder.
According to industry sources, Hahn & Company recently concluded that talks with HMM had fallen through and is now seeking new potential buyers, both domestic and international. As a result, HMM’s status as preferred negotiation partner is also expected to lapse.
Hahn & Company had named HMM the preferred bidder in February 2025 for the sale of certain SK Shipping business units, and the two sides had been engaged in due diligence and price negotiations.
SK Shipping operates a diversified fleet, including crude oil tankers, product carriers, LNG carriers, LPG carriers, bulk carriers, and LNG bunkering vessels. Initially, HMM pursued an acquisition deal excluding LNG carriers, as it is unable to operate LNG shipping as part of its business. However, the two parties reportedly failed to bridge differences over acquisition terms.
Hahn & Company acquired SK Shipping in 2018 for approximately KRW 1.5 trillion, subsequently streamlining non-core business units and selling aging vessels to raise corporate value.
For 2024, SK Shipping reported consolidated revenue of KRW 1.981 trillion and operating profit of KRW 396 billion.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
