A bold bet by South Korea’s Sinokor group has reshaped the global oil tanker market, driving U.S. Gulf Coast shipping rates to multiyear highs, Bloomberg writes.
Sinokor has amassed control of a dominant share of very-large crude carriers, including nearly all supertankers available to load oil from the U.S. Gulf over the next 30 days, according to shipping data. That grip on supply has pushed the cost of booking a supertanker from the Gulf Coast to China above $17 million, the highest level since 2020.
Market participants estimate Sinokor controls roughly 40% of the global unsanctioned fleet available for hire and about two-thirds of ships that could reach the Gulf within a month. With alternatives limited, charterers are facing rising costs, reinforcing tanker earnings already buoyed by strong oil output and geopolitical risks.
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