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South Korea has conditionally approved the sale of Hyundai LNG Shipping to Indonesia's Sinar Mas Group, clearing the final regulatory review of a transaction involving 12 LNG carriers and six LPG carriers. The foreign-investment security review was completed on November 6, 2026, and the approval was publicly reported on November 10. The IMM Private Equity and IMM Investment consortium plans to sell its holding company, Aegis One, to Sinar Mas affiliate Frontier Resources for approximately ₩400 billion ($275 million) in equity consideration. Including debt and other enterprise-value components, the transaction is valued at approximately ₩3.8 trillion ($2.6 billion). The parties are targeting November 23 for closing, subject to completing the remaining transaction steps. The approval carries national-security conditions whose precise terms have not been publicly disclosed.
$2.6 Billion Enterprise Value.
$275 Million Equity Price.
One Strategic Gas Fleet.
The equity cheque is only about 10.5% of enterprise value
Reported transaction figures in Korean won. The relationship below is arithmetic, not an audited debt schedule.
Approximately US$275 million at the reported conversion.
An implied valuation difference. Not independently established as net bank borrowing.
IMM Private Equity and IMM Investment
Affiliate of Indonesia's Sinar Mas Group
Holding company controlling Hyundai LNG Shipping
From 2014 carve-out to 2026 conditional clearance
18 Gas Carriers.
Multiple Flags.
One Korean Supply Chain.
The reported 2025 financial profile
Reported for 2025, not a forecast for post-acquisition earnings.
Reported consolidated operating result for 2025.
Calculated as operating profit divided by revenue.
Illustrative transaction multiple, not an EBITDA valuation.
Three regulatory examinations, one unfinished closing
The merger review had already been cleared before the final November security determination.
Reviewed concerns over possible transfer of ship-related technology and completed its process earlier in 2026.
Reportedly completed November 6 with conditions, considering LNG supply security and input from relevant authorities.
Foreign control could affect strategic shipping capabilities, domestic maritime expertise, crew employment and the availability of ships during a national emergency.
Existing transport contracts remain binding despite a change in corporate control. Sinar Mas has reportedly pledged employment continuity and preservation of Korean-flag operations.
A $2.6 Billion Fleet.
How Much Financial and
Transport Capacity Is at Stake?
Enterprise value and financing inputs
The reported transaction and 2025 operating results are factual starting points. The debt allocation, cost of borrowing and amortization below are assumptions.
Modeled financing cash requirement, not the transaction's actual debt service or an audited covenant calculation.
Arithmetic difference, which may include debt and other valuation adjustments.
Selected share of the enterprise-to-equity gap.
Valuation multiple based on the selected financial inputs.
Simplified earnings comparison. Not a lender DSCR.
Financial comparison
Model replacement LNG transport
The 4.69 million tonnes annual benchmark comes from Hyundai LNG Shipping's website. The portion affected, vessel size, journey cycle and charter rate are hypothetical.
Equivalent LNG carrier capacity needed to sustain the selected portion of the normal cargo flow, at the chosen voyage-cycle assumptions.
Across the selected interruption period.
Based on nominal volume, fill and density.
Replacement fleet equivalents × paid days × selected daily hire.
Physical cargo approximation at selected density and fill.
Transport volume sensitivity
Calculation methods and limitations
Acquisition view: Valuation gap = enterprise value − equity consideration. Assumed financing balance = gap × user-defined interest-bearing share. Annual interest = assumed financing balance × rate. Annual principal = assumed financing balance × principal percentage. Coverage comparison = operating profit ÷ (interest + principal).
The financing balance and terms are hypothetical. Enterprise value is not necessarily an exact sum of purchase price and bank loans; it may also reflect cash and other claims. Operating profit is not EBITDA, operating cash flow or cash available for debt service. The coverage comparison is a simplified stress indicator, **not actual DSCR, covenant headroom, equity IRR or evidence of financial distress**. Reported FY2025 figures are not a forecast.
Transport view: Disrupted volume = annual transported tonnes × affected share × disruption days ÷ 365. Tonnes per cargo = carrier m³ × fill × density. Cargo loadings = ceiling(disrupted volume ÷ tonnes per cargo). Replacement ships = ceiling((annual tonnes ÷ 365 × affected share ÷ tonnes per cargo) × round-trip days).
Hypothetical charter cost = replacement ships × (disruption days + mobilization days) × daily hire. This is a simplified steady-flow equivalent, not a vessel-routing optimization or contractual cost estimate. The full cargo count may differ from the number of available ships because one ship can undertake repeated trips.
Scope: The company reports transporting approximately 4.69 million tonnes of LNG into South Korea annually. The allocation of that volume among its 12 LNG carriers and customers is not published in the sources reviewed. All disruption shares, charter rates, vessel cycles and densities are illustrative. The calculator does not model actual government contingency plans, ship requisitions, contractual assignments or an interruption caused by this acquisition.
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