South Korea’s Sinokor has embarked on a recent VLCC buying spree that is reshaping the Tanker market, with new acquisitions positioning the company to become a key global VLCC operator.

Using VesselsValue data, the following analysis examines how the Korean shipowner has fundamentally restructured its portfolio, redeploying capital into crude Tanker exposure through an unprecedented acquisition campaign that has absorbed nearly all available VLCC market liquidity in early 2026.

S&P market activity in the opening weeks of 2026 has been dominated by Sinokor’s acquisition campaign. This buying spree will propel Sinokor from 12th place in terms of global VLCC ownership to be ranked within the top three along side Bahri and China VLCC.

Overall, 45 VLCC sale and purchase deals have concluded so far this year, of which 35 were acquired by Sinokor, equating to a total of 78% of the transaction volume for this sector and effectively absorbing nearly all available market liquidity. The buying campaign focused on tonnage built between 2010-2016 with an average age of approximately 12 years, reflecting a cost-effective strategy targeting modern tonnage with remaining operational life. The aggressive bidding has driven VLCC values higher across all sectors month-on-month, with 10 YO VLCCs of 320,000 DWT rising approximately 16.84% from USD 86.66 mil to USD 101.25 mil.

Sinokor has purchased these VLCCs from both private- and publicly listed well-established owners in transactions totalling over USD 2.5 bil. The aggressive expansion underscores Sinokor’s strategic fleet-building amid current market conditions, as the buyer sources quality tonnage from leading international owners whilst systematically absorbing available VLCC liquidity.

South Korea currently ranks eighth amongst the world’s top 10 shipowning nations by fleet value. Whilst this acquisition campaign does not alter South Korea’s position in the overall global rankings, it elevates Sinokor to become the country’s largest Tanker operator and positions them as the fifth-largest VLCC owner globally by vessel count and sixth by fleet value, marking a significant shift in the competitive landscape of crude Tanker ownership.

The impressive asset accumulation comes against a backdrop of strong VLCC earnings and, one year TC rates for VLCCs are currently at the highest levels seen since the winding down of the floating storage boom of 2020. Rates are currently at just over 61,400 USD/day, up c.30% from this time last year. Period charter activity has surged in the first few weeks of the new year as owners rushed to lock in high rates ahead of the Chinese Lunar New Year holiday period with fixtures ranging from three months to five years. In the spot market, VesselsValue’s spot average for VLCC earnings have been extremely volatile this year, dropping to just over 59,000 USD/day and more recently bouncing back up 84% to 108, 731 USD/day at the time of writing.

Sinokor’s aggressive acquisition strategy represents a significant market event with implications extending beyond the immediate transactions. The willingness to pay premium pricing to secure quality tonnage from established owners signals strong conviction in the crude Tanker cycle, whilst the scale of the buying campaign in absorbing 35 of the 45 VLCC transactions concluded in early 2026, reflects strategic positioning amid current market conditions. The campaign has materially impacted asset values, with several sellers expected to redeploy proceeds into newbuilding orders at Asian yards. As period charter rates remain elevated and owners continue locking in favourable terms, Sinokor’s emergence as a major VLCC operator marks a notable shift in market dynamics.
Source: Veson Nautical