South Korea’s FKMI: Requests to stop sale of Hyundai LNG Shipping!
ーIMM Private Equity’s Sale of Hyundai LNG Shipping Is Problematicー
Korean Shipping Industry and Seafarers’ Union:
South Korea’s shipping industry and seafarers’ union are demanding a halt to the sale of IMM Private Equity.
Hyundai LNG Shipping is South Korea’s largest carrier for liquefied natural gas (LNG) transportation.
Korea Federation of Maritime Industries (FKMI):
On May 8, the company issued a statement questioning the overseas sale of Hyundai LNG carriers.
FKMI is an association of 54 associations related to shipping, ports and logistics.
FKMI said in a statement that “IMM Private Equity’s overseas sale of Hyundai LNG Shipping” “must be blocked from the perspective of the Korean economy and security.”
If the ship is sold overseas, South Korea will have to rely on overseas shipping companies for the transport of major strategic goods such as crude oil and LNG.
The sale of Hyundai LNG Shipping would raise serious concerns about energy security.
IMM Consortium:
If the IMM Consortium sells Hyundai LNG Transport to a foreign company or capital,
South Korea’s immeasurable national assets and information assets will be leaked, causing huge economic and security losses for South Korea.
Over the decades, FKMI has accumulated expertise in LNG transportation and has continued LNG transportation and long-term contract rights for KOGAS.
Since its inauguration, the Yoon Seok-yue administration has emphasized the importance of energy security.
Statement from the Korean Federation of Seafarers’ Union (FKSU):
The sale of Hyundai LNG Shipping to overseas is against the policy of the Korean government.
– Business Korea
http://www.businesskorea.co.kr/news/articleView.html?idxno=114269
IMM faces obstacles in selling Hyundai LNG Shipping
Korea’s shipping industry officials urged the government on Monday to prohibit IMM Private Equity from selling Hyundai LNG Shipping to a foreign company, citing a potential threat to the nation’s energy security.
They made the request as the private equity firm (PEF) is said to be considering selling the shipping company to one of the potential buyers from the U.S., the U.K. and Denmark.