South Korean shipowner Sinokor Group dominated oil transits through the Strait of Hormuz in September, according to data from intelligence firms. Its vessels carried 105.6 million barrels of crude through the waterway, almost 40 percent of the oil making the crossing that month.
The combined crude carried by the next three owners, National Shipping Co. of Saudi Arabia (Bahri), Kuwait Oil Tanker Company and the Abu Dhabi National Oil Co. shipping unit, came to 97.3 million barrels. Sinokor’s volume alone therefore exceeded that of the three largest rivals together.
How the fleet gained its position
Sinokor, owned by Ga-Hyun Chung, built up a large tanker fleet before the Iran war. The company gained prominence in the conflict’s early weeks, when tankers were chartered at high rates while Hormuz was nearly closed.
Gulf crude exports have since recovered to near pre-war levels. Sinokor vessels are active in the shuttling trade, moving oil from inside the Persian Gulf through Hormuz to ship-to-ship transfer points in the Gulf of Oman.
Ownership, not operation
The analysis counted ownership rather than vessel operators. None of the four companies responded to requests for comment. Lloyd’s List first reported Sinokor’s September dominance.
