Sinokor’s 120-VLCC Control Spurs VLCC Rates Above $120k/Day
Sinokor group, backed by MSC founder Gianluigi Aponte, now controls roughly 120 VLCCs—around one-third of the available traded fleet—driving benchmark VLCC earnings above $120,000 per day, a fourfold jump in one month. This freight surge and rising resale values of older supertankers could raise shipping costs for Ecopetrol’s exports, pressuring margins and possibly delaying shipments.
1. Tanker Market Consolidation
Sinokor, in partnership with MSC-linked entities, has acquired or chartered about 120 very-large crude carriers, representing nearly a third of the global traded VLCC fleet. This unprecedented consolidation has taken place over the past two months, focusing largely on vessels older than ten years.
2. Spike in Freight Rates
Limited availability from long-term charters and sanctions on Russian and Iranian tonnage have driven benchmark VLCC earnings to over $120,000 per day, more than four times January levels. The surge has also pushed up time-charter rates and second-hand supertanker values.
3. Raising Costs for Ecopetrol
Ecopetrol’s crude exports may face significantly higher shipping expenses as spot and time-charter rates climb. Elevated freight costs and vessel scarcity could compress the company’s profit margins and risk longer delivery lead times.