Recently, Sinokor Merchant Marine, a long-established South Korean shipowner, has been very active in the second-hand market for Very Large Crude Carriers (VLCCs), reportedly acquiring nearly 20 VLCCs recently. This move seems to be related to its adjustment of its container vessel business strategy.
According to Greek media reports, multiple shipbrokers have confirmed that Sinokor Merchant Marine is actively expanding its VLCC fleet through the acquisition of second-hand vessels and chartering operations. As stated in Hartland Shipping Services’ latest weekly report: “Sinokor Merchant Marine has established a substantial VLCC fleet.”
Currently, shipping brokers have disclosed Sinokor Merchant Marine’s latest second-hand vessel acquisitions: involving 25 VLCCs built between 2007 and 2016, with an average age of 12 years and a total transaction value of approximately US$2 billion.
It is alleged that Sinokor Merchant Marine was the behind-the-scenes buyer in the two latest secondhand vessel transactions announced by Belgian shipowner CMB.TECH and Norwegian tanker owner Frontline; Greek shipowners, known for their high prices, have also sold their VLCC assets to Sinokor Merchant Marine.
CMB.TECH’s tanker subsidiary has sold six VLCCs: the 306,005 dwt “Daishan” built in 2007, the 302,550 dwt “Hirado” built in 2011, the 302,965 dwt “Hojo” built in 2013, and the 299,999 dwt “Dia”, 299,421 dwt “Antigone”, and 299,999 dwt “Aegean” built between 2015 and 2016. The total selling price was approximately US$520 million to US$530 million.
Frontline has sold eight of the oldest VLCCs in its fleet. Shipbrokers have confirmed that the vessels include the “Front Dee”, “Front Tay”, “Front Sprey”, “Front Cloud”, “Front Forth”, “Front Clyde”, “Front Otra”, and “Front Osen”. The total sale price is US$832 million.
Capital Group has sold two VLCCs: the “Atlantas” and “Achilleas”, built in 2010, for a total of approximately $140 million; Delta Tankers has sold two VLCCs: the “Delta Angelica” and “Delta Glory”, built in 2012, for a total of approximately US$160 million.
Chandris (Hellas) has sold one VLCC: the “Oceanis”, built in 2011, for approximately US$68 million; Kyklades Maritime has sold one VLCC: the “Nissos Psara”, built in 2011, which it will purchase in October 2025 for approximately US$56 million; TMS Tankerss has sold two VLCCs: the “Solana”, built in 2010, and the “Desimi”, built in 2011 for approximately US$136 million.
Other transactions include: U.S. shipowner International Seaways has sold two VLCCs: the “Seaways Raffles” built in 2010 and the “Seaways Kilimanjaro” built in 2012, with the specific transaction amount undisclosed; Turkish shipowner Advantage Tanker has sold two VLCCs: the “Advantage Value” built in 2009 and the “Felice” built in 2010, which are now owned by a Vietnamese shipowner for approximately US$56 million, reportedly for US$60 million.
Commenting on the transactions, shipbroker Allied Shipbroking stated that Sinokor Merchant Marine’s short-term acquisitions “have captured market liquidity and have a positive impact on pricing strategies in this segment… The firm and decisive pricing of this series of transactions marks a significant improvement in VLCC asset benchmarks.”
Shipbrokers emphasize that Sinokor Merchant Marine frequently purchases mid-aged vessels at prices above market value. For instance, a 15-year-old VLCC typically commands a price of US$60 million to US$65 million, yet some acquisition cases have seen premiums as high as US$5 million.
Allied Shipbroking also pointed out that focusing on acquiring VLCCs built between 2010 and 2016 is a strategic choice for Sinokor Merchant Marine: vessels in this age range meet both technical specifications and regulatory compliance requirements, and have remaining shipping life. “This age range performs best in terms of cost-effectiveness and seaworthiness, especially considering the ongoing upgrades to current emission standards, fuel quality, and vessel inspection regulations.”
Additionally, although new VLCCs will enter the market in early 2026, most of these vessels are already 20 years old or older. This has led to a persistent shortage of modern and mid-aged vessels, intensifying upward pressure on prices and supporting asset values. Data from Allied Shipbroking indicates that across all VLCC categories, values have generally increased by 1% to 5% over the past month since Sinokor Merchant Marine completed its acquisition.
Regarding the current VLCC acquisition boom, market rumors suggest that Sinokor Merchant Marine may simultaneously sell part of its container fleet, with Mediterranean Shipping Company (MSC), the world’s largest liner shipping company, reportedly being a potential buyer.
Sources indicate that Sinokor Merchant Marine is in negotiations with MSC regarding approximately 20 container vessels. More speculatively, it is suggested that Sinokor Merchant Marine may sell its entire container fleet of 80 vessels in the coming months.
As the world’s largest container shipping company, MSC has been a major player in the second-hand vessel market in recent years, acquiring the vast majority of used container vessels. According to Alphaliner data, the company currently operates 971 container vessels, with an additional 120 under construction.
It is worth noting that in 2025, Sinokor Merchant Marine also reportedly sold bulk carriers, a period marked by frequent large-scale vessel transactions.