Hyundai LNG Shipping deal faces pushback amid sale to Indonesian firm

Residents of Busan reportedly protested against private equity firm IMM’s plan to sell Hyundai LNG Shipping to Indonesia’s Sinar Mas, according to The Korea Times on Wednesday (17 December).

Protesters argued that the transaction would undermine President Lee Jae Myung’s maritime strategy and called on the government to step in to prevent the deal.

A Busan civic group warned that allowing the sale could set a precedent for other private equity–owned shipping companies, such as SK Shipping and H-LINE Shipping, to fall into foreign hands.

“If a foreign buyer replaces skilled, high-paid Korean crews with foreign workers to cut costs, Busan’s job market could collapse,” the group reportedly said. 

“Selling Hyundai LNG Shipping to a foreign company would also hinder the government’s goal of having Korean carriers handle at least 70 percent of the nation’s core energy imports.”

Industry organisations have echoed these concerns. Both the Korea Shipowners’ Association and the Federation of Korea Maritime Industries have released statements opposing the sale, citing potential risks to national energy security. They highlighted Hyundai LNG Shipping’s role in transporting gas for state-run Korea Gas Corp. (KOGAS).

Photo credit: Hyundai LNG Shipping
Published: 26 December, 2025