Abu Dhabi · Strait of Hormuz · United Arab Emirates · Iran · Fortune Technology
The supertanker tycoon making millions on Hormuz shuttle runs
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A few weeks into the war, one of the Persian Gulf’s top oil producers quietly began sneaking its crude out of the Strait of Hormuz.
Key facts
- Read: Iran War Supercharges Secretive Korean Tycoon’s Big Tanker Bet
- A few weeks into the war, one of the Persian Gulf’s top oil producers quietly began sneaking its crude out of the Strait of Hormuz
- Crucially though, officials in Abu Dhabi needed enough ships to make the risky transit, not once
- The intensely private Korean shipping tycoon rocked the tanker industry early this year as his Sinokor Group embarked on an unprecedented buying spree
Summary
The UAE’s aggressive push to get barrels safely out of the strait relied on tactics normally associated with sanctioned countries like Iran, Russia and Venezuela: the ships traveled “dark” without their transponders (and often under the cover of literal darkness) before offloading their cargo into other tankers waiting outside the waterway, and then returning back to collect more. Crucially though, officials in Abu Dhabi needed enough ships to make the risky transit, not once, but over and over. The intensely private Korean shipping tycoon rocked the tanker industry early this year as his Sinokor Group embarked on an unprecedented buying spree. Now, Sinokor has emerged as a major owner of supertankers moving crude out of the Persian Gulf.