An enigmatic South Korean shipping company, Sinokor, has become instrumental in the recent rebound of oil shipments through the Strait of Hormuz, a critical chokepoint for global energy supplies. Despite ongoing attacks, Sinokor has facilitated approximately half of all tanker transits since early September, according to maritime analysis firm Lloyd’s List Intelligence.
This surge in activity comes as oil tankers navigate persistent Iranian threats to transport cargo out of the Persian Gulf. Tomer Raanan, a senior maritime intelligence analyst at Lloyd’s List, affirmed the company's significant contribution, stating, "They’ve played a huge role in getting oil out of Hormuz, no doubt."
However, the concentration of such a substantial portion of oil transport within a single company may be contributing to increased shipping costs globally. These rates have already been elevated due to the heightened risks associated with the current geopolitical climate affecting much of the international oil trade.
Sinokor, under the leadership of a father and son team who maintain a low profile even within South Korea, strategically expanded its fleet through a significant purchasing initiative in the two months preceding the joint US and Israeli attacks on Iran in late February. This timing has positioned the company, by some metrics, as the world's largest operator of supertankers.
Kristoffer Barth Skeie, an equity analyst specializing in tanker companies for Arctic Securities, noted that Sinokor’s rapid expansion has granted it disproportionate influence. This is occurring even as many other tankers are occupied with shuttling oil through the Strait of Hormuz, leading to shortages in other regions.
