Sinokor projected to control 24% of global VLCC spot market with fleet expansion
The fleet could ultimately exceed 100 vessels.
South Korea’s Sinokor Merchant Marine is projected to independently control at least 24% of the global VLCC spot fleet once its fleet reaches 88 vessels, marking an unprecedented level of commercial concentration in the modern tanker market.
According to data from its Signal Ocean Platform (TSOP), Sinokor currently controls approximately 78 VLCCs active in the spot market. The fleet is expected to rise to at least 88 vessels within the current quarter, which would give the company roughly 24% of the spot-trading fleet and approximately 12% of the total global VLCC fleet.
The report also noted that the fleet could ultimately exceed 100 vessels, potentially reaching 120 to 130 units, depending on additional transactions and pending deliveries.
Over recent months, market sources have reported that Sinokor embarked on an aggressive expansion strategy in the VLCC segment, targeting both secondhand acquisitions and time-charter arrangements.
Activity intensified in mid-December amid heightened sale-and-purchase (S&P) transactions, though details initially remained opaque.
By January, greater clarity emerged, with Sinokor identified as the principal buyer behind a substantial number of transactions. Market estimates ranged widely, from 20 to as many as 50 vessels.
Cross-referencing multiple market reports with TSOP vessel lists confirms 36 acquisitions to date, with Sinokor listed as the new commercial operator in most cases.
Of these, approximately 26 vessels have already been delivered, whilst 10 are expected to join the fleet within the current or early next quarter. The total may rise further as pending deals close.
Historically, Tankers International led the segment through 2023, controlling close to 10% of the total fleet.
In 2024, COSCO Shipping Energy Transportation emerged as the largest operator with 6–8% market share.
In 2025, Sinokor and Trafigura jointly marketed vessels under the Lucky Maritime platform, at times exceeding 20% of spot capacity. After the partnership ended in January 2026, Sinokor consolidated its fleet independently.
Sinokor, with its confirmed acquisitions, is now the largest single commercial operator recorded in the modern VLCC market.
The expansion coincides with an upward trend in benchmark valuations. The value of a 10-year-old VLCC has increased approximately 24% year-on-year, reaching its highest level in the past decade.
At the same time, the global VLCC fleet is projected to grow at an average annual rate of about 6% through 2028, based on scheduled deliveries from major shipbuilding countries and assuming the current orderbook is delivered as planned.
