‘Dark’ Hormuz Shuttle Runs Earn Millions for Supertanker Owners
Synopsis
Covert tanker operations helped keep Gulf oil exports moving during the recent conflict, with shipowners profiting from stealth voyages and offshore cargo transfers through the Strait of Hormuz.
Hormuz dark shuttle tanker owners made tens of millions of dollars as oil exporters found alternative shipping routes to supply crude through the Strait of Hormuz during the recent Middle East conflict, data from vessel tracking and shipping market sources show.
South Korea's Sinokor Group could earn US$60 million to US$120 million through the shuttle tanker business that started in mid-April.
Sinokor chartered its oversized crude carriers, VLCCs, to carry crude oil from UAE export terminals, and to discharge laden cargoes onto other oil tankers in waters outside the more hazardous Strait of Hormuz. The business gained a more central role in global oil shipping since the conflict around Iran raised security concerns for commercial vessels.
Freight rates spiked as many shipowners sought to minimize their exposure to the Gulf and vessels that were willing to go to sea were able to get premium charter revenues.
Shipping Patterns Shift During Regional Conflict
Firms Kpler and Vortexa said that Sinokor-flagged ships accounted for almost 50% of the UAE's June crude exports through the Strait of Hormuz. In April Sinokor shipped around 680,000 b/d and during June boosted shipments to around 1.4 million b/d.
Some of the tankers involved in operations in waters off Oman did not transmit on the public Automatic Identification System (AIS) for portions of their voyage during oil transfers between ships.
Reducing transmissions on the AIS is to lower visibility of the movements of vessels used in commercial shipping but recognized as practice. The fleet expansion came after Mediterranean Shipping Company purchased a 50% share of Sinokor Maritime earlier this year.
By the end of February, it is estimated that Sinokor owned about 150 VLCCs, among the largest fleets of available crude carriers, excluding any long-term contracts and sanctioned trades.
Global Oil Trade Watches Hormuz Closely
Hormuz remains a focus for the global oil market U.S. Energy Information Administration says the Strait of Hormuz is the most critical oil-shipping chokepoint in the world, handling about 20 million b/d of oil in 2024, or about 20% of world petroleum liquids consumption.
Exports from Saudi Arabia, the UAE, Iraq, Kuwait, Qatar and Iran are transported along the Strait of Hormuz to key markets including China, India, Japan, and South Korea.
Crude carrier charter rates rose during the disruption as availability of vessels in the Gulf tightened, increasing transportation costs for producers and traders, S&P Global Commodity Insights reported.
A Sinokor spokesman declined to comment, while ADNOC Logistics & Services said it does not comment on operational details of vessel routing and uses a combination of owned and chartered vessels.
Operators that continue to sail in the Gulf are receiving strong freight markets, contributing to continued exports, said Kpler freight analyst Matt Wright.
Source: The Sydney Morning Herald
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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