Feb 16, 2026 – A significant shift is happening in the oil market, driven by a South Korean businessman who is making major moves in the tanker industry, aided by a wealthy shipping mogul.
In the last couple of months, the Sinokor group has rapidly acquired or chartered a considerable number of vessels, now controlling around 120 very-large crude carriers (VLCCs), based on estimates from senior industry experts. Some long-time market players say this level of accumulation by Sinokor, led by shipowner Ga-Hyun Chung, is unprecedented.
Sinokor isn’t acting alone; at least two large shipowners who recently sold vessels to Sinokor discovered that the final buyer was actually linked to Gianluigi Aponte, the founder of Mediterranean Shipping Co. (MSC). The exact nature of the relationship between Sinokor and MSC remains unclear, as does the extent of MSC’s involvement in other Sinokor transactions.
This situation has been reported through interviews with various shipping brokers, vessel owners, and executives, many of whom chose to remain anonymous due to the sensitive nature of the information. Several shipowners indicated that Sinokor is still keen on acquiring more vessels.
MSC declined to comment on the matter, while Sinokor did not respond to inquiries.
The actions taken by Sinokor are attracting attention even in the often-murky world of shipping. Many tankers that carry oil globally are typically on long-term contracts or fixed routes, and an increasing number have been affected by sanctions related to the illegal trade of Russian and Iranian oil, resulting in fewer available vessels as global oil demand rises.
Sinokor's aggressive buying has unsettled the market, causing freight costs to soar as anxious charterers rush to secure space before prices increase even more. According to Clarkson Research Services, a leading shipbroker, VLCC earnings have had their most successful start to the year in over 30 years. Traders note that some physical oil prices are dropping in certain areas due to the upheaval in the shipping sector.
“There’s one entity or group effectively controlling about a third of the traded VLCC fleet,” said Ole Hjertaker, CEO of SFL Corp., during an analyst call last week, without revealing names.
The tanker market, although niche, is crucial to the global oil trade. It has long been dominated by owners from countries with a strong maritime history, like Greece and Norway, alongside nations with significant oil interests such as Saudi Arabia and China.
While Sinokor might be less known—initially focused on container shipping—it has previously made moves that tightened the market. However, one market participant remarked that the current buying spree exceeds previous activities.
For Aponte, these purchases expand his extensive global shipping empire. Last year, he became a key investor in a consortium aiming to acquire a notable share of two ports in the Panama Canal. In 2022, after acquiring hundreds of ships, MSC surpassed Maersk to become the world’s largest container line.
A controlling stake in available tankers—about 15% of the non-sanctioned fleet and around a quarter to a third of the VLCCs not currently contracted—would allow greater influence over pricing if these ships aren't promptly made available for hire.
Demand for non-sanctioned tankers has surged recently, coinciding with an influx of supplies to global oil markets, while part of the fleet faces Western sanctions. These factors have increased the number of operational vessels, driving up earnings and the potential for further price increases.
The scale of Sinokor’s fleet is challenging to gauge, as it comprises a combination of bought and chartered vessels, along with those already in their control. Some market observers estimate Sinokor controls fewer than 120 ships.
On a recent investor call, Svein Moxnes Harfjeld, CEO of DHT Holdings Inc., noted a “fundamental shift” in the consolidation of global fleet ownership, without specifying any involved parties. He reflected that this consolidation is impacting freight rates in the spot market, as well as customer demand for time charters and the values of second-hand VLCCs.
Current benchmark earnings for VLCCs, which can carry 2 million barrels of oil, are above $120,000 a day, having increased more than four times in the past month, partly due to Sinokor's acquisitions.
Sinokor has primarily targeted vessels over ten years old, and the resale prices for these older supertankers have been rising recently. The rise in ship values can also contribute to higher long-term hire prices, as owners may benefit financially from increased chartering rates without selling their vessels.
However, the shipping industry is known for its cycles of boom and bust. High earnings periods often lead to increased vessel orders, which can flood the market with new ships in the coming years. Data from Clarkson Research indicates that recent higher rates have already started driving up tanker orders, reaching the highest level as a percentage of the current fleet in a decade.
The specifics of the relationship between Sinokor and Aponte remain ambiguous, though there was an existing business connection. Last year, Sinokor sold several container ships to Aponte’s MSC, according to Clarkson Research data.
Even at the lowest estimates, Sinokor's recent buying spree would have incurred costs of approximately $1.5 billion, with some market players suggesting the sum could be closer to $3 billion.
“This unprecedented market consolidation by a financially strong buyer is occurring during a time of tightening market fundamentals,” noted Aristidis Alafouzos, CEO of Okeanis Eco Tankers. “It creates a great opportunity for those with tankers available now, able to take full advantage of this market.”