Sinokor Dominates Oil Tanker Market as Iran War Drives Up Earnings

The global oil tanker market is experiencing unprecedented earnings due to the ongoing Iran-Iraq conflict. According to Baltic Exchange data, ships hauling cargoes from Saudi Arabia to China are pulling in a record $656,000 per day on Friday, more than ten times the rate a year earlier.

This surge in demand has led to a clamor for ships to pick up oil inside the Strait of Hormuz, with few owners and crews willing to risk the journey. As a result, huge premiums are being paid by companies that do take on this task.

Sinokor Group, the world's largest supertanker player, has dominated the market by hiring out its ships at elevated rates. The company, led by Ga-Hyun Chung, embarked on an oil tanker bet earlier this year, buying dozens of ships before the Iran war began.