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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. (current SK Energy)
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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.
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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.
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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.
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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.
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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.
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Our growing success meant we were able to open branches in London and Singapore in 1991.
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.
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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.
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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.
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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. After overcoming the crisis,
we put active fleet expansion strategy in practice by ordering 21 new building vessels in 2006
and 2007 which will be delivered between 2008 and 2011. To secure new regional strategic focal points,
we opened local offices in Shanghai and Houston in 2006 and 2007 respectively. As a leading global
shipping company, we will constantly change and grow by expanding fleet and focal points and by creating
new business model. All through our management we pursue our customers happiness.
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