Weeks into the recent war, the United Arab Emirates (UAE) began covertly exporting crude oil through the Strait of Hormuz, quickly nearing its pre-war export levels by the time the US and Iran signed an interim peace deal. This aggressive strategy relied on tactics like those used by sanctioned nations such as Iran, Russia, and Venezuela, including ships traveling "dark" (without transponders) and offloading cargo to other tankers outside the waterway before returning for more.
Key to this operation was South Korean shipping tycoon Chung Ga-hyun's Sinokor Group, which began leasing ships to the Abu Dhabi National Oil Co (Adnoc) for these "shuttle runs" from at least mid-April. By June, Sinokor vessels were carrying nearly half of Emirati crude shipments. On average, Sinokor ships transported at least 680,000 barrels per day from UAE Persian Gulf ports since April, with this figure accelerating to 1.4 million barrels per day in June. Matt Wright, principal freight analyst at Kpler, lauded Sinokor's "groundbreaking" moves for increasing rates across the market.
While the exact terms of the deals remain undisclosed, brokers estimate that just three tankers conducting shuttle runs since mid-April could have generated between $60 million to $120 million for Sinokor. The oil tanker market experienced one of its most lucrative years, with the premium for sailing into the Gulf during the war yielding three to four times the pre-war rate. Sinokor, jointly owned by Chung and MSC Group, controlled approximately 150 very large crude carriers by late February, representing nearly 40% of the global fleet not under sanctions or long-term leases.
After the interim ceasefire between the US and Iran, Sinokor diversified its operations beyond UAE cargoes, sending more supertankers into the Persian Gulf and actively marketing its services to shipbrokers for other crude shipments. This strategy has proven highly profitable for the company, helping to quickly recoup a multi-billion dollar investment in supertankers and solidifying Chung and Sinokor's position among the biggest beneficiaries of the energy market disruption caused by the Iran war.
