A Sinokor Merchant Marine ship seen on the company's website [SCREEN CAPTURE]
A Korean-managed supertanker slipped through the blockaded Strait of Hormuz with its tracking system switched off while carrying 2 million barrels of crude, Reuters reported Monday — though the company named in the report, Seoul-based Sinokor Merchant Marine, denied that the vessel was under its ownership or control.
The conflicting accounts emerged as the U.S.-Iran ceasefire shows fresh signs of strain and evidence mounts that global energy traders are working aggressively to keep Middle Eastern crude moving through the chokepoint.
Reuters reported Monday, citing data from shipping analytics firm Kpler and the London Stock Exchange Group, that three very large crude carriers (VLCCs) had recently transited the Strait of Hormuz with their Automatic Identification System (AIS) turned off.
Among them, the report said, was a VLCC called the Basrah Energy, which Reuters described as owned and managed by Sinokor Merchant Marine.
The Panama-flagged tanker loaded 2 million barrels of Upper Zakum crude at the Zirku terminal of Abu Dhabi National Oil Company on May 1, exited the Strait of Hormuz on May 6 and unloaded its cargo at the Fujairah Oil Tanker Terminals in the United Arab Emirates on May 8, the Reuters report said.
Sinokor pushed back hours after the report.
"The vessel in question is not a ship that Sinokor substantively owns, manages or controls," a company official said. "Treating it as a vessel currently operated by Sinokor in any real sense is contrary to the facts."
The tanker had been chartered short-term by Sinokor's affiliate, Sinokor Maritime, from a special-purpose company and then rechartered to a third-party shipowner, the company said, adding that the special-purpose company is not owned by Sinokor and has no equity ties to it.
The bulk carrier Galaxy Globe and the tanker Luojiashan sit anchored in Muscat, Oman, on March 9. [REUTERS/YONHAP]
Industry insiders described such re-charter arrangements as a routine practice in global shipping.
"Leasing a vessel and subleasing it to a third party is a common business model in the global shipping industry," one industry source said.
Sinokor has aggressively expanded its tanker fleet in recent years, aiming to become a significant player in global crude shipping. Sources in the Korean shipping industry estimate that the company currently controls roughly 150 VLCCs.
Earlier this year, Sinokor reportedly stationed several empty tankers in the Persian Gulf, effectively serving as floating crude storage. Analysts have speculated that the company stood to earn substantial profits by holding cargo for Gulf producers whose exports had been blocked in the fallout from the war with Iran.
Two other VLCCs — the Panama-flagged Agios Fanourios I and the San Marino-flagged Kiara M — also passed through the Strait of Hormuz on May 10, each carrying 2 million barrels of Iraqi crude, Reuters reported.
The Arleigh Burke-class guided-missile destroyer USS Rafael Peralta (DDG 115) implementing a maritime blockade against the Iran-flagged crude oil tanker vessel Herby while the latter was attempting to sail toward an Iranian port on April 24. [US NAVY]
The Agios Fanourios I, which had failed in at least two earlier attempts since loading Basrah Medium crude on April 17, is scheduled to discharge its cargo at Vietnam's Nghi Son refinery on May 26.
The cases reflect a broader push to keep Middle Eastern crude exports flowing, Reuters said.
Meanwhile, 26 ships owned by Korean shipping companies remain detained in the Strait of Hormuz, the Ministry of Oceans and Fisheries said. Those vessels carry 123 Korean crew members, and the total number of Koreans stranded in the area reaches 158 when Korean crew aboard foreign-flagged ships are included.
Ten of the 26 detained ships belong to eight small shipping companies with annual revenue of less than 10 billion won ($6.7 million). The companies are losing an estimated combined 580 million won per day, weighed down not only by halted operations but also by surging war insurance premiums, fuel costs and crew hazard pay.
Vessels in the Strait of Hormuz off Musandam, Oman, on May 8. [REUTERS/YONHAP]
Industry watchers warn that a prolonged shutdown could trigger a liquidity crisis among smaller operators. Revenue has stopped while fixed costs — insurance, wages and ship maintenance — keep mounting.
"The longer ships remain stuck in the Strait of Hormuz, the harder it will be for small carriers to hang on," a shipping industry source said. "Smaller players in particular could see their cash flow cut off entirely."
The government has begun preparing a response package that includes emergency financing, crew safety measures and support for alternative routes.
The Ministry of Oceans and Fisheries said it is maintaining an emergency response framework with related agencies and the industry while closely monitoring the situation.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
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