MSC’s hidden hand behind Sinokor’s VLCC blitz finally confirmed

The Greek and Cypriot Competition Commissions have disclosed that an investment framework agreement was signed on early last month between South Korean shipowner Ga-Hyun Chung, SAS Shipping Agencies Services. – a Luxembourg-registered entity forming part of the MSC Group – and Sinokor Maritime. Under the terms of the deal, MSC’s SAS Lux vehicle will acquire a 50% stake in Sinokor, with Chung retaining the remaining half and the two parties exercising joint control. 

More than one in four compliant VLCCs are now controlled by Ga-Hyun Chung-led Sinokor, according to analysis by Norwegian broker Fearnleys, following the Korean company’s dramatic supertanker raid in the S&P and charter markets over the past few months.

“There has never before been a single VLCC operator with such a dominant market share of the active fleet,” BRS stated in a recent report, describing the Korean owner as a “super operator” of VLCCs. 

The involvement of the Aponte family – whose empire spans the world’s largest container, cruise operations through MSC Cruises, and a rapidly expanding logistics footprint – in a play for dominance of the crude tanker market represents one of the most significant strategic pivots in recent shipping history.      The deal is not yet fully cleared. Greece and Cyprus have formally received the notification, but further regulatory approvals may be required in other jurisdictions before the transaction can be completed.