Hahn & Company, a South Korean private equity firm, is pursuing the potential full sale of SK Shipping, aiming to secure up to 4 trillion won ($3.07 billion). Morgan Stanley has been appointed to lead the search for buyers, marking a critical step in the sale of one of South Korea’s major shipping companies.
Hahn & Co. acquired a 79% stake in SK Shipping from SK Group in 2018 for 1.5 trillion won and has since streamlined the company’s operations by selling nearly 30 bulk carriers. This restructuring helped boost SK Shipping’s value and financial performance, with 2023 revenue reaching 1.8865 trillion won and operating profit soaring to 367.1 billion won—nearly five times the profit it posted in 2018.
Previously, Hahn & Co. engaged American investment bank Evercore to manage the sale of SK Shipping’s tanker fleet, part of its broader strategy to maximize value. Now, with Morgan Stanley leading efforts, the sale could involve either the entire company or a split sale, depending on market conditions and buyer interest.
While the sale represents a major opportunity, industry experts caution that finding suitable buyers for such a high-value transaction could be challenging.