"Opposing Capital Outflow" Maritime Industry Issues Statement to Block Hyundai LNG Shipping Overseas Sale

On the 8th, the Korea Maritime Industry Federation issued a statement opposing the overseas sale of Hyundai LNG Shipping, the country's largest liquefied natural gas (LNG) transportation specialist. They urged that the overseas sale of strategic cargo transport companies must be prevented from the perspective of national economy and security.

In the statement, the Federation emphasized that South Korea's dependence on maritime transport for key strategic materials such as crude oil and gas is 100%, and since energy resources can always be weaponized, rapid response and stable supply of critical energy resources are essential.

LNG Bunkering Vessel

They added that the recent push by the IMM consortium to sell Hyundai LNG Shipping overseas goes against this direction, as it would not only force reliance on foreign shipping companies for transporting key strategic materials but also raise serious concerns about energy security in times of national emergency.

They also expressed concerns that the overseas outflow of strategic material transportation assets, LNG shipping know-how, and other information assets and national assets would cause significant losses to South Korea economically and in terms of security.

They warned that this could affect the sale of other strategic material transport companies such as SK Shipping (Han & Company) and Polaris Shipping (Kansas Asset Management), and strongly urged the government to actively block overseas sales.

The company was originally HMM's LNG-exclusive division but was acquired by IMM Private Equity during Hyundai Merchant Marine's liquidity crisis in 2014, establishing Hyundai LNG Shipping. It is the largest domestic liquefied gas transportation company, owning 23 vessels including 16 LNG carriers, 6 LPG carriers, and 1 LNG bunkering vessel, primarily transporting LNG volumes imported domestically by Korea Gas Corporation as a strategic material transport company.

This content was produced with the assistance of AI translation services.