South Korea’s Sinokor Maritime is set to become the world’s largest operator of very large crude carriers (VLCCs) after acquiring more than 50 secondhand supertankers and securing substantial additional tonnage under time charter.
Broker BRS estimates that once all recent acquisitions are delivered, Sinokor will control 118 VLCCs either through ownership or long-term charters. That equals 13% of the active global VLCC fleet. Excluding 179 vessels classified as part of the so-called grey fleet, Sinokor’s share rises to 16% of the mainstream VLCC fleet.
According to BRS, no single VLCC operator has previously held such a large share of the active fleet. Rival broker Fearnleys recently described Sinokor as the “kingpin” of VLCC trades, reflecting the scale of its rapid market entry.
Data from BRS shows that the top ten VLCC owners collectively control 392 vessels, representing 42% of the global supertanker market. When grey fleet units are excluded, the top ten account for 53% of the mainstream VLCC fleet and 59% of mainstream tonnage under 20 years old, indicating growing consolidation in the sector.
Sinokor’s expansion has largely focused on secondhand tonnage, often paying above prevailing market levels to secure vessels in a competitive sale-and-purchase environment. The company has also taken ships on time charter, accelerating its market share growth within months.
This expansion marks one of the most significant ownership shifts in the VLCC segment in recent years and is likely to influence chartering patterns and tonnage availability across crude trades.
