With financial backing from Mediterranean Shipping Company (MSC), the long-established South Korean shipowner Sinokor Maritime continues to push forward with its aggressive acquisition plan for Very Large Crude Carriers (VLCCs).
According to foreign media reports, Taiwan-based shipowner Sincere Navigation has sold the 297,000 DWT VLCC “Maxim”, which was built and delivered by a Chinese shipyard in 2011. The transaction price has not yet been disclosed.
This marks Emerging Shipping’s second VLCC sale in 2026; the first transaction took place in March, when the shipowner sold a 2012-built VLCC to Sinokor Maritime for $78 million. The vessel has since been renamed “Madagascar Prosperity.”
Sources indicate that the buyer in Emerging Shipping’s latest VLCC transaction is once again Sinokor Maritime, a move that aligns with the South Korean shipowner’s aggressive acquisition strategy in the secondhand VLCC market.
According to data released earlier this year, Sinokor Maritime is expected to acquire more than 100 VLCCs. Together, Mediterranean Shipping Company and Sinokor Maritime will ultimately control approximately 150 VLCCs, giving them a market share of 40%. Some analysts, however, estimate their market share to be closer to 25%.
In early February, Mediterranean Shipping Company (MSC), through its Luxembourg-registered entity SAS Shipping Agencies Services (SAS Lux), signed an investment framework agreement with Sinokor Maritime’s founder and sole shareholder, Zhong Jiaxian (transliteration), to acquire a 50% stake in Sinokor Maritime. Upon completion of the transaction, the two parties will jointly hold a controlling stake in Sinokor Maritime.
Records show that Sincere Navigation, established in 1968, is one of the leading shipowners in Taiwan, China. With the sale of the “Maxim,” Sincere Navigation’s fleet now consists of only one VLCC: the “Elbhoff,” built in 2017. Significantly, the vessel’s construction cost at the time was approximately $95 million, and under current market conditions, its sale price may be about $15 million higher than the original cost. This also reflects the current boom in the VLCC market.