Sinokor has acquired or chartered a substantial number of VLCCs, with industry estimates placing its control at roughly 118-120 vessels (through ownership and time charters) once all pending deliveries are complete. This represents approximately 11-16% of the global VLCC fleet, depending on the exact count of operational units (recent reports reference around 1,032 total operational VLCCs).
The oil market’s shipping segment is being rocked by a brazen attempt to corner it, with a South Korean shipping tycoon hoovering up any available VLCCs in the market. Ga-Hyun Chung’s Sinokor Group has bought or chartered over 120 very large crude carriers (VLCC), 10% of the total market that currently counts an aggregate 1,032 operational tankers.
In one of the most recent purchases, Sinokor bought eight VLCCs, mostly built in 2015 and 2016, from Cyprus-based Frontline (a company linked to John Fredriksen) for a whopping $831.5 million, as part of Frontline’s fleet renewal strategy. There is a widespread speculation that Sinokor in fact isn’t acting alone, but in unison with the world’s pre-eminent shipping magnate, Gianluigi Aponte, who runs the MSC empire.
The price of 10-year-old VLCCs have gone up by $20 million in just six weeks, driven by tight availability and strong demand, currently around $105 million per ship (up roughly $20 million in recent weeks), with VLCC rates soaring globally as charterers are struggling to find adequate tonnage. The VLCC (very large crude carrier) segment of the tanker market has indeed experienced significant disruption in early 2026 due to an aggressive acquisition campaign by South Korea’s Sinokor Merchant Marine (part of the Sinokor Group, led by Ga-Hyun Chung).
Charter rates have also climbed dramatically, with fixtures reported at levels like $76,900-$77,000 per day for periods into 2026, reflecting tonnage shortages as charterers scramble for coverage. Sinokor has dominated early-2026 S&P (sale and purchase) activity, accounting for the majority of deals (e.g., 35 out of 45 transactions in January alone in some broker reports). Speculation is rife in the industry that Sinokor is not operating entirely independently but may be backed by or collaborating with Gianluigi Aponte of Mediterranean Shipping Company (MSC), the world’s largest container shipping line. This stems from prior commercial ties and the scale of the spree, though exact details remain unconfirmed.
This activity has tightened the market, contributing to higher freight costs for crude oil transport and adding upward pressure on oil prices amid other factors like geopolitical disruptions. Brokers describe it as “unprecedented,” with potential longer-term implications for fleet control and rate volatility if the buying continues.
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