Backed by Italian billionaire Gianluigi Aponte, South Korean tycoon Ga-Hyun Chung's private fleet of 120 VLCCs dominates the oil tanker market

SEOUL — Amid the chaos of the war in Iran across global energy markets, one enigmatic Korean tycoon has seen his earnings soar. For an extended period,  Mr. Ga-Hyun Chung has been acquiring an immense quantity of oil tankers—a wager of unparalleled magnitude that has profoundly impacted the global shipping market even prior to the onset of hostilities. The closure of the Strait of Hormuz has led to a significant increase in chartering rates, resulting in substantial benefits for him.

The partnership with MSC provided Chung with the capital necessary 

Chung's move was considered to be a classic insider play. Months before the Iran conflict escalated, he began acquiring or chartering vessels, positioning his group to control roughly 120 very large crude carriers (VLCCs). This isn't just a big bet; it's an overwhelming one. According to industry veterans, the scale is unlike anything they have witnessed before. The funding for this expansion came from an unexpected source: entities linked to Gianluigi Aponte, the Italian shipping billionaire and founder of the global giant MSC. This partnership provided Chung with the capital necessary to act decisively when the market tightened.

Backed by Italian billionaire Gianluigi Aponte, South Korean tycoon Ga-Hyun Chung's private fleet of 120 VLCCs dominates the oil tanker market amid war-driven supply shocks in Iran.

Prior to the war,

Prior to the war, Mr. Chung's Sinokor group had relocated at least six unoccupied supertankers to the Persian Gulf, where they remained inactive, awaiting cargoes. With exports through the strait severely restricted and regional storage facilities reaching capacity, Sinokor is reportedly offering staggering rates of US$500,000 (S$641,000) per day to secure oil, according to brokers. This is almost ten times the rate seen in 2025.

Related : Report : Record-high oil tanker rates are the result of rising tensions between the US and Iran.

Mr. Ga-Hyun Chung : Tycoon standout figure

Mr. Chung is a standout figure, even in an industry known for its swashbuckling risk-takers. His recent purchase of a significant share of the global tanker fleet shocked veterans of the shipping market. The scion of a Korean shipping family, known for his militaristic approach and his penchant for challenging subordinates and business partners to arm-wrestling contests, is set to capitalize on the upheaval in the oil trade triggered by the Iran war.

It is notable that rates surged tenfold to $500,000 per day due to the closure of the Strait of Hormuz, which reduced the number of available ships. This validated Chung's pre-crisis strategy of controlling idle vessels in order to achieve premium pricing.

Source : Agencies 

# Strait of Hormuz #Korean shipping family #MSC #Ga-Hyun Chung #Korean tycoon #Gianluigi Aponte #oil tanker market #Rates of Tanker ship #Iran war#Sinokor group