South Korean private equity giant Hahn & Company plans to sell 10 Very Large Crude Carriers (VLCCs) owned by South Korean shipowner SK Shipping to Pan Ocean for 973.7 billion won (approximately US$694 million).
This transaction involves the transfer of relevant long-term freight contracts with several major South Korean cargo owners and is expected to be completed by April 11, 2027. The sale stems from Hahn & Company’s 2018 acquisition of a controlling stake in SK Shipping.
In 2025, Hyundai Merchant Marine (HMM), South Korea’s flagship shipping company, considered acquiring SK Marine, but the deal remained unresolved due to valuation disagreements.
This sale of VLCCs marks another step by Hahn & Company in reshaping SK Shipping’s fleet and business model. Since being acquired by Hahn & Company in 2018, SK Shipping has gradually moved away from the volatile spot business and towards a long-term contract model, driving operating profit up from 73.3 billion won in 2018 to 395.7 billion won in 2024, while EBITDA jumped from 231.7 billion won to 640.9 billion won during the same period.
SK Shipping plans to redeploy the proceeds from the sale of these 10 VLCCs across various shipping sectors.
The VLCC market continued its strong performance in 2026, primarily driven by the proactive strategies of Sinokor Merchant Marine, a long-established South Korean shipowner. In the past few months, the company not only purchased over 50 VLCCs but also signed numerous charter contracts.
In the new shipbuilding market, VLCC orders are also pouring in. Hengli Heavy Industries alone has announced more than 30 VLCCs this year, and shipyards such as New Times Shipbuilding, Beihai Shipbuilding, Japan Marine United (JMU), and Hanwha Ocean have also announced VLCC orders.