Info

SK Shipping was founded in 1982 as Yukong Line Limited. We started modestly with just two crude oil carriers and contracts to transport crude for sister company, SK Corp. But we demonstrated our dynamism and drive early on. One year after the company was founded, we began a dry bulk transport service, and a year after that, we started transporting petroleum products and chemicals. Even as we were establishing out business base in the 80s, the freight market was experiencing historic lows. Despite this, we survived and indeed flourished. Two decades on, we have expanded our range of competencies to include gas transportation, bunkering, LPG transportation along with a host of subsidiary, marine-related businesses. One of our greatest successes is in the field of LNG transportation. In 1990, KOGAS, the world¡¯s single largest importer of natural gas, awarded SK Shipping, its first contract to transport LNG. Since then, we have built up our operations in the area. We have acquired our own LNG carriers, to secure a niche in the LNG transportation market. As part of the program to standardise the names of the SK Group affiliates, in 1997 we changed our name to SK Shipping. The name may have changed but the strategy has remained the same. We have been relentless in our search for lucrative business opportunities. Consequently, we have flourished from a single-line business to become one of the largest shipping companies in the region, with a specialism in the transportation of natural resources. In the last twenty years, our average annual growth has been 18% and our sales have increased from US$ 88m to US$ 1.17bn. Our growing success meant we were able to open branches in London and Singapore in 1991. More recently, we have expanded out global presence with an office in Brazil. We have always been careful to consolidate our leading position in current business fields, but in our drive to stay ahead of market trends, in recent years, we have pursued the synergies from strategic alliances. This strategy has allowed us to increase profitability and expand into new business areas. In 1999, for example, we established Stellar Shipping, a joint venture with a Japanese financial consortium for the funding of our fifth LNG carrier, the SK Stellar. Despite the widespread disruption in the region caused by the Asian Economic crisis of 1997-1998, SK Shipping¡¯s solid foundations meant that by 2001, we were able to announce record high operating profits. Following the Asian economic crisis SK Shipping was the first Korean shipowner to place a new construction order. We got deliveries of 3 double-hull VLCCs. That reflects our determination to provide the best service infrastructure possible for our clients. While it was only made possible by out past success, it illustrates our confidence in an equally bright future.