From late February to March 2026, freight rates soared to unprecedented levels, surpassing $200,000 per day on various routes.

Official documents have revealed that billionaire owner Gianluigi Aponte’s MSC Mediterranean Shipping Company is buying into South Korea’s Sinokor Maritime Co. Over the past few months, Sinokor has launched a historic raid on the VLCC market with a buying and chartering spree that could give it a potential market share of 20% to 25%.

The 50% stake in the South Korean company Sinokor that is owned by MSC, a company run by Gianluigi Aponte, has been confirmed as being acquired. The company specializes in maritime transport of crude oil using VLCC (very large crude carrier) vessels

.The story began to take shape last week 

The story began to take shape last week when the Greek and Cypriot competition authorities published notifications of a merger involving the acquisition of joint control of Sinokor Maritime by MSC and the South Korean shipowner Ga-Hyun Chung.

A framework investment agreement

A framework investment agreement was signed on February 2nd, according to public disclosures. The agreement was signed by Mr.Tae-Soon Chung  SAS Shipping Agencies Services Sarl, and Sinokor Maritime. Each of these parties will hold 50% of the company's shares. The transaction was subsequently reported to the competition authorities on February 25. In turn, Chung is also active in transporting dry cargo by sea, not just liquids.

Sinokor's fleet 

BRS Shipbrokers estimates that Sinokor's fleet could grow to as many as 118 VLCC tankers once all the acquired vessels are delivered. This market player will eventually be able to control approximately 16% of the market (available capacity) for crude oil seaborne transport.

According to data from the Equasis database,

According to data from the Equasis database, the shipping company has taken delivery of 30 Very Large Crude Carriers (VLCCs) since the beginning of 2026 As of late, Sinokor has been all over the news for buying roughly forty used oil tankers. In recent weeks, foreign media outlets have reported on a potential investment plan of up to $5 billion, which includes eight VLCCs to be assigned to the Chinese shipyard Hengli Heavy Industry. MSC has already ordered at least 20 LNG-powered Megamax-class container ships from this same shipyard.

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

The VLCC freight market 

Between late 2025 and early 2026, the VLCC freight market experienced a period of significant volatility, characterized by a shift from sustained levels to exceptional peaks, some of the highest in decades. Last year ended with an especially robust market: tanker freight rates often surpassed $100,000 per day, driven by strong demand for oil transportation, increased OPEC+ exports, and longer routes that boosted the ton-mile index. Many analysts agree that these conditions have solidified the sector's foundation as we enter 2026, fostering generally bullish expectations due to limited vessel supply and favorable trade dynamics.

A seasonal decline was experienced at the start of the year.

Following a seasonal decline at the start of the year, during which some routes saw drops exceeding 40%, the market experienced a rapid turnaround. From January to February 2026, freight rates returned to high levels, reaching an average of around $80,000 per day at the beginning of the year and surpassing $170,000 per day on certain key routes. The Baltic Dirty Tanker Index is currently about 90% higher than last year, confirming the strength of the cycle.

Freight rates soared to unprecedented levels,

From late February to March 2026, freight rates soared to unprecedented levels, surpassing $200,000 per day on various routes. In extreme cases, such as the outbreak of war in Iran, rates exceeded $400,000 per day. Geopolitical tensions in the Persian Gulf and the Strait of Hormuz, rising insurance premiums and route diversions, increased Asian demand (from India and China), and a reduction in the effective vessel supply (partly due to the "shadow fleet" linked to sanctions on Russian crude oil) drove the extraordinary increase in VLCC freight rates.

Although current rates are high, analysts predict that they are not sustainable in the long term. They estimate that rates will average around $55,000–$65,000 per day in 2026, though there will be considerable volatility.

About : SINOKOR MERCHANT MARINE CO., LTD.

SINOKOR MERCHANT MARINE CO., LTD. was established in 1989 and started the Korea-China liner service. From 2020, we intend to take a second leap forward to lead the Korea’s marine transport industry through the companionship with HEUNG-A LINE. SINOKOR MERCHANT MARINE CO., LTD. is building the largest logistics network in Intra-Asia based on its know-how accumulated for about 30 years and is focusing all capabilities to create value for your cargo transportation by providing prompt and various transport services.

About :.SAS Shipping Agencies Services Sàrl (SAS)

.SAS Shipping Agencies Services Sàrl (SAS) is a Luxembourg-based subsidiary of the Mediterranean Shipping Company (MSC) holding company, founded in 2006. It acts as an investment vehicle for maritime-related acquisitions, including taking major stakes in companies like Clasquin SA, Gram Car Carriers, and Moby

Source : Agencies

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