Mediterranean Shipping Company (MSC) is set to jointly control South Korea’s Sinokor Maritime, a development that has attracted considerable attention in the tanker markets. According to a competition filing dated March 11 in Cyprus, MSC, through its Luxembourg-based subsidiary SAS Shipping Agencies Services, will share ownership with Ga-Hyun Chung, the current sole owner. This arrangement confirms months of speculation surrounding their relationship in the industry.
Sinokor’s rapid accumulation of a notable fleet of very large crude carriers (VLCCs) has surprised market observers. Estimates suggest that the company now operates around 100 to 120 supertankers, potentially representing up to a third of the available spot fleet. This aggressive expansion has coincided with a notable increase in tanker earnings, with VLCC spot rates exceeding $100,000 per day earlier this year due to heightened demand from charterers facing limited vessel availability.
Previously, MSC’s involvement in Sinokor’s growth had not been public, although there were reports linking some of Sinokor’s vessel acquisitions to MSC founder Gianluigi Aponte. The recent Cyprus filing indicates that these informal connections are now being solidified. This partnership is particularly important for MSC, the world’s largest container shipping line, as it broadens its footprint in various maritime sectors, including crude tankers. Financial details of the deal remain undisclosed, and neither MSC nor Sinokor has commented publicly.
