Shipping Tycoon Amasses 120 VLCCs, Driving Freight Rates Higher

South Korean shipowner Ga-Hyun Chung's Sinokor group has rapidly amassed control of about 120 very-large crude carriers (VLCCs), unsettling the tanker market and pushing freight rates to multi-decade highs. The consolidation, potentially linked to Gianluigi Aponte's MSC, now controls roughly 15% of the non-sanctioned tanker fleet and a quarter to a third of available VLCCs. Benchmark VLCC earnings have surged above $120,000 per day, up more than fourfold in a month, amid tight supply and sanctions on Russian/Iranian tankers. Charterers are rushing to book capacity, driving spot rates and second-hand prices higher. The spree, estimated to cost $1.5–$3 billion, raises concerns about pricing power and market volatility.