STX Consortium Signs SPA to Acquire Heung-A Shipping... "Will Leap Forward as a Global Chemical Shipping Company"

- STX Consortium (APC PE-STX Marine Service) Signs Share Purchase Agreement (SPA) with Heung-A Shipping
- STX Co., Ltd. Plans to Transform into a 'Global Business Platform' by Enhancing Heung-A Shipping's Fleet Competitiveness and Operational Stability
- Expected to Lead the Revival of Korea's Shipping Industry by Growing into a Leading Carrier in the Global Chemical Transportation Market

On October 20, the STX consortium signed a contract to acquire the domestic mid-sized shipping company ‘Heung-A Shipping’.

The ‘STX consortium,’ composed of STX Marine Service, a subsidiary of STX Co., Ltd., and the private equity firm APC PE, was selected as the preferred negotiator in the main bidding for the sale of Heung-A Shipping last July. Since then, they have been preparing for the final contract by signing an MOU and actively discussing the specific acquisition methods and transaction procedures. Based on this contract, the global specialized trading company STX plans to complete vertical integration in the shipping industry by leveraging the synergy between the shipping industry expertise held by the company and its subsidiaries and Heung-A Shipping’s experience and know-how in chemical transportation.

In fact, STX Co., Ltd. and Heung-A Shipping plan to expand their chemical transportation business by increasing client cargo volumes, attracting new clients, and diversifying transported cargo and regions based on their existing networks. Additionally, the integrated management of their individually owned chemical fleets will create economies of scale, which will lead to maximizing the efficiency of STX Marine Service’s ship management, enhancing global trading capabilities, and strengthening the brand status as a national shipping company.

This contract signing has garnered significant attention in the shipping industry as it is expected to invigorate the entire Korean shipping industry beyond just creating future value for the private sector. As a merger between companies with solid experience in the shipbuilding and shipping sectors, it is anticipated to restore the global competitiveness of national shipping companies through improved sales capabilities and contribute to job creation related to the shipping and shipbuilding industries.

Meanwhile, a representative of the STX consortium stated, “We plan to proceed smoothly with the remaining procedures until the contract closing for the acquisition,” and added, “Through the chemical combination of APC PE’s investment capabilities, STX’s global network, and Heung-A Shipping’s business competitiveness, we will establish a ‘maritime business platform’ and further contribute to the reconstruction of the shipping industry.”