The Korea Maritime Industry Federation (Hanhaechong) on the 1st said, "At the government level, stop the overseas sale of Hyundai LNG Shipping and prepare measures to secure a stable supply chain for Korea's strategic materials."
Hanhaechong issued a statement the same day, saying, "We adamantly oppose this overseas sale that shakes the foundation of the national economy and energy security and threatens the core energy supply chain," and stated accordingly.
A consortium of domestic private equity fund (PEF) managers IMM Private Equity and IMM Investment on the 26th of last month signed a stock purchase agreement (SPA) to sell Hyundai LNG Shipping to Indonesia's Sinar Mas Group and is proceeding with follow-up procedures.
In the statement, Hanhaechong said, "It is expected that the LNG lift-on rate (transport share) of national-flag carriers, currently at 38.2%, will plunge to 12% in 2029 and to 0% in 2037," adding, "If even Hyundai LNG Shipping, which has long-term contracts with Korea Gas Corporation, falls into foreign capital, the LNG supply chain crisis will become a reality."
It added, "In an international situation where energy is being weaponized, energy security without our ships is impossible," and, "If Hyundai LNG Shipping is sold overseas, it will trigger a domino effect that leads to the successive exit of other key energy transport carriers."
Hyundai LNG Shipping is the largest domestic liquefied gas specialized carrier, owning 12 LNG carriers and six LPG carriers, among others. Hyundai LNG Shipping is the predecessor of the LNG business institutional sector that HMM partitioned and sold when it was Hyundai Merchant Marine. It was partitioned in 2014 and sold to the IMM consortium for 1.03 trillion won.