Debate heats up over sale of Hyundai LNG Shipping to Indonesian firm

Controversy has reignited over the potential sale of a Korean liquefied natural gas (LNG) shipping firm to foreign buyers after residents of Busan joined protests against private equity firm IMM’s plan to sell Hyundai LNG Shipping to Indonesia’s Sinar Mas. Critics denounced the deal as a serious threat to President Lee Jae Myung’s maritime policy and urged the government to block the transaction. “The deal could pave the way for foreign takeovers of private equity-owned firms like SK Shipping and H-LINE Shipping, destabilizing Korea’s energy transport infrastructure,” a Busan civic group said Tuesday. SK Shipping and H-LINE Shipping, owned by another private equity firm, Hahn & Company, recently announced plans to relocate their headquarters to Busan following the Ministry of Oceans and Fisheries’ move to the city. The government says the relocation aims to develop Busan into a hub for the maritime industry in preparation for the era of Arctic shipping routes. “If a foreign buyer replaces skilled, high-paid Korean crews with foreign workers to cut costs, Busan’s job marWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times