Sinokor ramps up “dark” Hormuz shuttle runs as June UAE crude liftings hit 1.4 million barrels a day
AI Market Summary
Sinokor's large VLCC fleet enabled ADNOC's repeated "dark" shuttle runs through Hormuz during the Iran conflict, cushioning the supply shock by keeping significant Gulf barrels moving. However, concentrating available tanker capacity and driving spot freight to record highs reduces shipping flexibility and embeds structural tightness in seaborne crude logistics. Near term, the key market effect is higher and more volatile freight costs and increased uncertainty around real export flows.
Impact level
● Medium
Affected assets
NCCO1OILBRENT2USD/USDT-0.55%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
● Neutral
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South Korea’s Sinokor Group deployed very large crude carriers for Abu Dhabi National Oil Co.’s shuttle runs across the Strait of Hormuz, moving cargoes with transponders off and using ship-to-ship transfers outside the waterway. By June, vessels controlled by Sinokor were carrying as much as 1.4 million barrels a day of Emirati crude. Sinokor controls nearly 40% of available VLCC capacity worldwide, helping push spot tanker rates to record levels. The operations helped limit the impact of disruptions in the strait on global supply, but reduced flexibility in the spot shipping market and added to structural tightness in crude flows.
