HMM, a South Korean shipping giant, has joined the race to acquire Hyundai LNG Shipping, the country’s top liquefied natural gas transporter.
According to industry insiders on May 18, HMM has expressed its intention to IMM Private Equity to carry out due diligence and participate in the main bidding for Hyundai LNG Shipping. IMM Private Equity is a private investment fund manager holding a 100% stake in Hyundai LNG Shipping.
At present, Hyundai LNG Shipping owns a fleet of 23 vessels, including 16 LNG carriers, six liquefied petroleum gas (LPG) carriers, and one LNG bunkering vessel. The company boasts a stable income stream, derived from long-term contracts with Korea Gas Corporation and international clients.
Hyundai LNG Shipping was initially part of HMM’s LNG transportation division. In 2014, HMM sold this division for KRW 500 billion to improve its liquidity position.