Reuters says Sinokor’s Basrah Energy exits the strait after loading at ADNOC’s Zirku terminal
Map of the Strait of Hormuz
A Very Large Crude Carrier (VLCC) owned by South Korean shipping company Sinokor Merchant Marine passed through the Strait of Hormuz earlier this month, Reuters reported on May 10, local time.
According to data from Kpler and the London Stock Exchange Group (LSEG) cited by Reuters, three crude-laden VLCCs exited the Strait of Hormuz last week and last Sunday (the 10th) with their tracking devices turned off.
Among them, the VLCC ‘Basrah Energy’ is a Panama-flagged VLCC owned by the South Korean shipping company Sinokor Merchant Marine (English name: Sinokor).
According to Kpler data, Sinokor’s VLCC loaded 2 million barrels of crude oil at the Zirku Terminal, operated by the Abu Dhabi National Oil Company (ADNOC), early this month (May 1). It then exited the Strait of Hormuz five days later on the 6th and unloaded at the Fujairah oil terminal in the United Arab Emirates (UAE) on the 8th.
Reuters stated that it has not been confirmed which company chartered the tanker.
The other two VLCCs that exited the Strait of Hormuz along with Sinokor’s ‘Basrah Energy’ are the ‘Agios Panteleimonas I’ and the ‘Kiara M’. Reuters reported that these two tankers each passed through the Strait of Hormuz carrying 2 million barrels of Iraqi crude oil.
Previously, in March, Bloomberg had reported that amid the global energy market being greatly shaken by the Iran war, the South Korean shipping company Sinokor Merchant Marine was reaping massive profits through its VLCC strategy.
The report stated that as the Strait of Hormuz was virtually paralyzed by the Middle East war, causing tanker freight rates to soar to all-time highs, Sinokor, which had begun securing a large fleet of tankers before the war, emerged as the biggest beneficiary.
According to Bloomberg, Sinokor shook up the global shipping market by starting to purchase a large number of tankers several months before the Iran war intensified. Bloomberg explained that the company made an unprecedentedly large-scale bet, particularly by securing a large number of VLCCs, and has since been earning massive profits as charter fees surged due to the blockade of the Strait of Hormuz.
Jung Min-hee
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