STX Green Logis Pushes Sun Ace Shipping Sale to Speed Balance Sheet Repair

STX Green Logis is moving to sell control of STX Sun Ace Shipping, its dry bulk shipping subsidiary, according to a May 14 report. The proposed sale covers a 95.24% stake in STX Sun Ace Shipping as well as subsidiaries including STX Ocean Service and STX Eco. The sale price is reported at around 50 billion won, with Samjong KPMG advising the process and letters of intent due by May 28. STX Green Logis acquired control of Sun Ace Shipping in 2024 for about 28 billion won and later expanded it with a ship-management company and an aluminum recycling business. Sun Ace Shipping has more than 30 years in bulk shipping, carrying steel, coal and grain, and posted about 77.6 billion won in revenue last year. The sale is aimed at covering losses from weaker shipping conditions and accelerating financial restructuring and business normalization. Source: hankyung.com.