Nearly monopolizing "Hormuz oil shipping"! This Korean shipowner becomes "overnight rich," previously stockpiling 73 second-hand supertankers worth $6 billion

A previously little-known South Korean shipowner is scripting a wealth legend in the world’s most sensitive oil transportation corridor. Through an audacious bet involving nearly $6 billion and the hoarding of 73 second-hand VLCCs (Very Large Crude Carriers), Sinokor Group of South Korea has established an almost monopolistic position in the Hormuz Strait oil shipping market—its fleet’s monthly oil transport volume surpasses the combined total of the next three largest national shipowners.

According to Bloomberg, citing vessel tracking data from shipping intelligence agencies such as Vortexa, Equasis, and Signal Group, in September this year, Sinokor’s vessels transported a total of 105.6 million barrels of crude oil through the Strait of Hormuz, accounting for nearly 40% of the monthly oil transfer volume through the Strait. The three shipowners that followed—Bahri (the Saudi National Shipping Company), Kuwait Oil Tanker Company, and the shipping department of Abu Dhabi National Oil Company—together shipped only 97.3 million barrels in the same period. As first reported by Lloyd’s List, in the first ten days of October, Sinokor’s market share climbed further to over 50%.

This market structure originated from Sinokor’s strategic gamble on the eve of the Iran war. When the Strait of Hormuz was nearly closed, Sinokor’s massive pre-stocked fleet was in high demand and was leased by oil-producing nations at sky-high rates. Now, as oil exports from the Gulf region gradually recover to pre-war levels, Sinokor remains one of the most active shipowners on this route. Its fleet continues to undertake “shuttling trade”—loading crude oil inside the Persian Gulf, traversing the Strait of Hormuz, and transferring ship-to-ship in the Gulf of Oman.

$6 Billion Gamble: The Frenzied Hoarding of 73 VLCCs

Sinokor's rise began with an industry-rare, large-scale acquisition of second-hand ships.

According to the latest market report by Rebecca Galanopoulos, an analyst at shipping analytics firm Veson Nautical, since 2026, Sinokor Maritime has dominated the second-hand VLCC acquisition market, purchasing a total of 73 VLCCs at a cost of nearly $6 billion. This figure equals the combined purchase spending of the world’s other top eight tanker buyers. All 73 ships were delivered this year.

This wave of acquisitions has been financially backed by MSC, the world’s largest shipowner. Veson Nautical data shows that, earlier this year, MSC acquired a 50% stake in Sinokor Maritime and now co-controls the company together with Zhong Jiaxian.

In terms of scale, Sinokor Maritime currently operates 93 VLCCs with a total deadweight tonnage exceeding 28.3 million DWT, and its overall tanker fleet numbers 162 vessels. By fleet size, Sinokor Maritime has now risen to become the world’s largest tanker operator.

Sinokor, owned by tycoon Ga-Hyun Chung, quickly entered the spotlight at the onset of the Iran war. Its strategic logic was clear: expand its fleet at relatively cheap second-hand prices before capacity shortages caused by geopolitical conflict, then reap returns with high freight rates during the crisis peak.

Hormuz Crisis: Reshaping the Global Tanker Market Landscape

Sinokor’s ascent is a microcosm of the dramatic restructuring of the global tanker market in 2026.

Rebecca Galanopoulos notes in her analysis that the Hormuz Strait crisis has been the primary driver of market sentiment in the tanker sector in 2026. AIS data shows that, as shipowners and charterers reassessed operating risks in the region, there was a significant shift in the sailing patterns of vessels passing through the Persian Gulf.

Looking at the broader market, the second-hand tanker market saw explosive growth in 2026. According to the latest monthly report from BRS Shipbrokers, from January to mid-August this year, 428 tankers changed hands, compared to only 370 vessels in the first three quarters of 2025.

“The market demand for tankers that can flexibly adapt to alternative routes continues to rise, directly pushing up second-hand vessel prices, which are now at their highest levels in years,” said Rebecca Galanopoulos. She also noted that Sinokor’s large-scale acquisitions directly reflect this market demand.

“Although the current freight market is absorbing the pressures of rising detour costs and climbing insurance premiums, shipowners continue to fiercely compete for tonnage. Whether this acquisition momentum can be sustained will largely depend on geopolitical developments and the future situation in the Strait of Hormuz.”

Shuttling Trade: The High-Profit Logic of High-Risk Routes

In the current market landscape, Sinokor’s core business is focused on so-called ‘shuttling trade’—ships load crude oil inside the Persian Gulf, cross the Strait of Hormuz, then offload at ship-to-ship transfer points in the Gulf of Oman, with other ships transporting oil to its final destination.

This model arose directly from the unique geopolitical risks of the Strait of Hormuz. When the Strait was nearly closed, oil-producing nations faced exhausted storage capacity and were forced to suffer costly production cuts and shutdowns, leading them to lease any available vessels at high prices. Sinokor’s vast, pre-positioned fleet made immensely lucrative gains during this window of opportunity.

Vessel tracking data show that Sinokor’s tankers have participated in transporting crude oil from Saudi Arabia and the UAE, and recently have begun operations in Iraq and Qatar, continuously expanding their client base.

However, this wealth bonanza is not without its concerns.

Rebecca Galanopoulos concludes in her report that VLCC prices have now hit their highest levels since 2008, and further increases are more likely to stabilize than to accelerate. However, she also noted that for owners with older fleets, updating vessels before any market correction remains a window worth seizing.

For Sinokor, whether its nearly $6 billion heavy bet will ultimately pay off largely depends on two factors: first, the geopolitical trajectory of the Strait of Hormuz; second, the pace at which oil exports from the Gulf region recover.

Analysts point out that for now, as Gulf oil exports gradually return to pre-war levels, Sinokor’s dominance in shuttling trade continues. However, the market remains cautiously observant as to whether it can maintain excess returns once freight rates normalize.