Jangkeum Merchant Marine, highly interested in terminals, raises its stake in 'Hanjin' above 5% [fn Market Watch]

[Financial News] Jangkeum Merchant Marine has raised its stake in Hanjin Co., Ltd., the logistics affiliate of Hanjin Group, to at least 5%. Although it stated that the purpose of its holding was “simple investment,” it is seen as having secured a significant stake. More than 20 years ago, Jangkeum Merchant Marine established the Pyeongtaek Port Container Terminal with Hanjin Co., Ltd.; it is now the terminal’s second-largest shareholder and largest customer.
On the 7th, according to the investment banking (IB) industry and the Financial Supervisory Service’s Data Analysis, Retrieval and Transfer System (DART), Jangkeum Merchant Marine disclosed that it held 866,413 shares (5.58%) in Hanjin Co., Ltd. as of the 2nd. That was an increase of 0.66 percentage points from its previous 4.92%.
Jangkeum Merchant Marine is the second-largest shareholder in Hanjin Pyeongtaek Container Terminal, with a 16.5% stake (660,000 shares), and is its largest customer. Of the terminal’s revenue of 36.19333 billion won last year, 35.0%, or 12.66211 billion won, came from Jangkeum Merchant Marine.
Hanjin Co., Ltd.’s largest shareholder is Hanjin KAL Corporation, the holding company of Hanjin Group, which owns a 29.64% stake (4,600,412 shares). Including the stakes held by related parties, the total is around 33.08%. The second-largest shareholder is private equity fund (PEF) manager HYK Partners, which holds 9.43% (1,462,667 shares) through HYK No. 1 Private Equity Fund. HYK Partners acquired the stake in Hanjin Co., Ltd. held by Kyungbang in 2020, when a management-control dispute over Hanjin KAL Corporation was at its height.
Jangkeum Maritime, a key affiliate of Jangkeum Merchant Marine, is pursuing joint management in partnership with Switzerland’s MSC, the world’s largest container shipping company. The plan centers on MSC affiliate SAS acquiring a 50% stake in Jangkeum Maritime and exercising joint management rights. The two companies will operate the company together going forward.
Led by Vice Chairman Jung Ga-hyeon, son of Jangkeum Merchant Marine Chairman Jung Tae-soon, Jangkeum Maritime is a key affiliate responsible for the tanker business of Jangkeum Merchant Marine Group. It has rapidly expanded its presence in the VLCC market through aggressive vessel acquisitions recently.
Since December last year, Jangkeum Maritime has secured at least 60 VLCCs, investing at least $3.3 billion in a short period. Taking together vessels it owns and charters, along with newbuild orders, industry estimates suggest that Jangkeum Merchant Marine holds one in every four VLCCs worldwide. Some analyses estimate that it operates around 40% of the world’s operational very large crude carriers.
A senior figure in the IB industry confided, “Chairman Jung Tae-soon of Jangkeum Merchant Marine has shown close ties with Hanjin Group, going so far as to attend a Hanjin Group commemorative event last year,” adding, “Given that Jangkeum Merchant Marine Group also holds at least a 50.35% stake in Sinseondae-Gamman Terminal, it appears to have a strong interest in Hanjin Pyeongtaek Container Terminal.”

[email protected] Kang Gu-gwi Reporter