The Supertanker Tycoon Making Millions on Hormuz ‘Shuttle Runs’
- One of the Persian Gulf's top oil producers began secretly exporting crude through the Strait of Hormuz shortly after the war started using discreet methods.
- From at least mid-April, ships were leased to Abu Dhabi National Oil Co. for shuttle runs to transport oil safely out of Hormuz.
- By June, nearly half of Emirati crude shipments were on vessels controlled by Sinokor, based on tracking data.
- Sinokor's shuttle runs potentially earned $60 million to $120 million since mid-April, with a few tankers deployed for these operations.
17 Articles
17 Articles
The Tanker Tycoon Making Millions on Hormuz Shuttle Runs
Just a few weeks into the war, one of the Persian Gulf’s top oil producers quietly began sneaking its crude out of the Strait of Hormuz. Before long, the covert project became so successful that the United Arab Emirates was already approaching its pre-war rate of flows through the waterway by the time the US and Iran signed their interim peace deal.
Within a very short time, a Korean shipping company bought the world's largest supertanker fleet with the help of shipping giant MSC. Then the Iran War began and offered a unique lucrative opportunity.
Abu Dhabi began to export oil from Ormuz a few weeks after the outbreak of the war, using a "human flight" scheme.
Korean tanker king cashes in on Hormuz "dark fleet" runs — with a ship waiting off SA
Bloomberg's team unpacks how secretive Korean shipping tycoon Ga-Hyun Chung and his Sinokor Group turned the Iran war into a windfall, ferrying UAE crude through the Strait of Hormuz on tankers running "dark" — transponders off, often under cover of night. Backed by Italian giant MSC, Sinokor now controls roughly a third of the supertankers capable of reaching the Gulf, earning shipbrokers' estimates of $60–120 million just from three vessels si…
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