The South Korean company Sinokor Merchant Marine, led by Ga-Hyun Chung, currently controls 25% of the VLCC fleet that complies with international regulations.
Norwegian broker Fearnleys disclosed the news. It pointed out that the carrier’s dominant position is the result of an aggressive acquisition and chartering strategy launched between late 2025 and early 2026.
Sinokor controls a fleet of 118/120 VLCCs. This includes not only vessels it owns but also chartered ones i.e 12-13% of the total global fleet and a quarter of the oil tanker fleet.
According to Splash247, this unprecedented consolidation has drastically reduced the number of vessels available for charterers, driving spot rates up to over $100,000 a day and one-year time charter contracts to around $90,000 a day.
Sinokor’s snapping up second-hand oil tankers has also caused prices in the second-hand market to soar. A 10-year-old vessel costs 24% more compared to last year; its highest quotation in over a decade.
Translation by Giles Foster
