In January 2026, Sinokor Merchant Marine of South Korea completed its‑largest‑ever second‑hand VLCC acquisition of the year. The company purchased 30 second‑hand VLCCs from ship‑owners across the globe at a total consideration of USD 2.64 billion, representing a transaction price of USD 88 million per vessel. This marks an 85 % year‑on‑year surge compared with the same period in 2024 and hits the highest level recorded since 2011arcticship.... All acquired vessels were built between 2010 and 2015, with an age ranging from 10 to 15 years. Following environmental retrofits, they meet IMO EEDI Phase III standards and have become core assets for Sinokor to secure compliant tonnage worldwide.

Behind this transaction lies a structural upheaval on the supply‑side of the oil‑shipping market. On one hand, the tanker sector has witnessed a 16‑year investment vacuum after 2008. New‑building VLCC orders account for merely 4.5 %, and only six new VLCCs are scheduled for global delivery in the first half of 2026, resulting in a severe shortfall of fresh tonnage supply. On the other hand, the Trump‑administration‑led Operation Spear‑of‑the‑South has cracked down on the “shadow fleet”, removing grey‑market tonnage that accounts for 16 % of global shipping capacity directly from the market, and turning compliant second‑hand vessels into scarce resources. Statistics show that the book value of a 10‑year‑old VLCC stands at approximately USD 47.5 million, while its current market transaction price has climbed to USD 88 million, posting a striking appreciation rate of 85 %. This figure highlights a major re‑evaluation of the value of compliant tonnage.

Through this acquisition, Sinokor has expanded its controlled VLCC fleet to 100‑130 vessels, holding more than 15 % of the world’s compliant tanker capacity and forming a near‑monopolistic position. Industry analyses indicate that as global crude‑oil‑trade routes are restructured, demand for long‑haul lanes such as South‑America‑to‑the‑Far‑East is rising, bringing non‑linear growth in ton‑nautical‑mile demand. Coupled with further removal of grey‑fleet tonnage, prices for second‑hand VLCCs are expected to keep climbing, and per‑vessel transaction values may break the USD 90‑million threshold in 2026.