Sinokor set for ‘unprecedented’ control of VLCC spot fleet

Photo:  CREDIT: GIORGOS BARAZOGLOU VIA UNSPLASH

Following a surge of VLCC acquisitions Sinokor is set to account for 24% of the global spot trading fleet says Signal Ocean

South Korean shipowner Sinokor Maritime has undertaken aggressive expansion in the VLCC market following the dissolution of the Lucky Maritime platform with trading house Trafigura at the end of 2025.

In the first few weeks of January Veson Nautical commented that Sinokor dominated VLCC sale and purchase deals with 35 out 45 transactions in total. The purchases from both private and public-listed owners totalled over $2.5 billion in value.

From analysis from its Signal Ocean Platform (TSOP), Signal Research said this week, “As of today, we have confirmed 36 acquisitions through cross-referencing multiple market reports with TSOP vessel lists. Approximately 26 vessels have already been delivered, while a further 10 are scheduled for delivery within the current or early next quarter.”

The additions to Sinokor’s fleet will see it become the world’s largest operator of VLCCs according to Signal Ocean with 12% of the global fleet and a 24% share of the spot trading fleet.

“Sinokor's expansion is most visible in the spot market, where commercial concentration has reached historic levels,” Signal Ocean said.

Currently based on conservative estimates Sinokor controls 78 VLCCs active in the spot market and this is set to rise to 88 in the first quarter of 2026, and market reports suggesting it could go as high as 120 – 130 vessels.

At the 88-vessel threshold, Sinokor becomes the largest commercial operator in the VLCC segment, accounting for roughly 24% of the spot-trading fleet and approximately 12% of the total global VLCC fleet - an unprecedented level of concentration for a single commercial entity in this market,” the report said.

By contrast until the end of 2023, Tankers International was the largest in the segment consistently controlling around 15% of the spot-trading VLCC fleet. In 2024, this shifted to Sinokor, Frontline, and Cosco each managing approximately 12–13% of the spot fleet. In 2025 the Lucky Maritime platform between Sinokor and Trafigura reached a level of 20% at times, and with the dissolution of this venture Sinokor is now moving itself into a dominant position with a 24% share.

Source: seatrade-maritime.com          Marcus Hand