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Worried about national energy security? HMM plans to repurchase Hyundai LNG Shipping

Worried about national energy security? HMM plans to repurchase Hyundai LNG Shipping

In recent days, relevant sources have revealed that South Korea’s largest shipping company HMM plans to express its intention to participate in the acquisition of 100% of Hyundai LNG Shipping’s shares to IMM Private Equity and IMM Investment in South Korea.

 

Hyundai LNG Shipping was previously the LNG transportation arm of HMM, which sold Hyundai LNG Shipping to South Korean private equity firm IMM for about 500 billion won ($375 million) in 2014 while pushing for its privatization.

 

Come March 2023, IMM began trying to find a buyer for Hyundai LNG Shipping in South Korea, but no buyback agreement was reached with HMM.

 

Since then, more than 20 investors have expressed interest in acquiring Hyundai LNG Shipping, and finally, IMM selected four companies from the U.S., U.K., Greece and Denmark to be on the shortlist to sell its entire stake.

 

According to another Korean media report, after IMM announced the shortlist of acquirers for Hyundai LNG Shipping, the Federation of Korean Maritime Industries (FKMI), which includes 54 maritime organizations, issued a statement banning the overseas sale of Hyundai LNG Shipping on the grounds that such a move would pose a potential threat to Korea’s national energy security and that Korea’s expertise in transporting liquefied natural gas would also be at risk of leakage of Korea’s expertise in transporting liquefied natural gas.

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