The military operations and geopolitical tensions in the region, triggered by U.S. and Israeli airstrikes against Iran, have had a drastic impact on global maritime shipping.
According to sea-news.az that the difficulties and subsequent complete suspension of shipping in the Strait of Hormuz—one of the world’s most critical strategic waterways—forced regional states to seek covert and alternative routes for crude oil exports. This crisis created a lucrative opportunity for tanker owners willing to take the risk.
Just weeks after the conflict began, the United Arab Emirates (UAE) began utilizing tactics such as switching off transponders (special devices that identify ships while at sea) to move clandestinely and transferring oil loads to other tankers in the open sea (Ship-to-Ship, or STS, transfers). During these high-risk operations in the Strait of Hormuz, the UAE’s Arab partners received logistical support from the South Korean shipping giant “Sinokor” (Sinokor Merchant Marine), led by Ga-Hyun Chung.
Transporting half of the UAE’s oil
During the peak of the tensions, the Sinokor Group emerged as the primary owner of supertankers carrying crude oil from the Persian Gulf. According to data collected by the analytics firm “Vortexa,” starting from mid-April, when the situation in the strait deteriorated sharply, the company began leasing high-capacity vessels to the Abu Dhabi National Oil Company (ADNOC). As a result, by June, approximately half of the UAE’s crude oil shipments were being managed via vessels controlled by Sinokor.
Naturally, these operations in high-risk zones came at a significant financial cost. According to shipping brokers’ estimates, against the backdrop of strategic contracts signed between Sinokor and ADNOC, the service of just three tankers generated a net profit of approximately $60–120 million for the company. Even after a temporary ceasefire was announced through Pakistani mediation, Sinokor dispatched two more supertankers ready to load oil in the Persian Gulf. The company is not limiting itself to the UAE but is actively promoting the services of shipbrokers to acquire oil barrels from other regions of the Gulf as well.
From container company to global supertanker giant
The success of Sinokor, headquartered in Seoul, has been met with great surprise in the shipping market. Initially starting as a small container shipping company, it later became a minor player in the oil tanker sector. However, the company’s position shifted dramatically late last year after it signed a series of large-scale agreements for the purchase and lease of supertankers with the support of the Mediterranean Shipping Company (MSC), one of the world’s largest container lines.
Calculations show that as of the end of February, Sinokor controlled over 150 VLCC (Very Large Crude Carrier) type vessels. This massive figure represents approximately 40 percent of the global fleet that is not subject to international sanctions, is not tied to long-term charter agreements, and operates on regular routes. Having positioned at least six empty supertankers in the region weeks before the war began, the company managed to turn a global crisis into a major profit opportunity by leasing these vessels at astronomical daily rates when storage capacity for oil in the Gulf was exhausted.
