Mediterranean Shipping Company (MSC) has formalized the acquisition of 50% of the South Korean company Sinokor Merchant Marine, which specializes in large-scale crude transportation, according to communications registered with the Competition Commissions of Greece and Cyprus, which are currently analyzing the operation. Regulatory bodies placed the signing of the agreement on February 2, although its official confirmation ends months of speculation regarding the relationship between both shipping companies.
The transaction is executed through Shipping Agencies Services (SAS), a MSC subsidiary based in Luxembourg, which enters into the agreement with Ga-Hyun Chung, until now the sole owner of Sinokor. According to the text registered with the Greek Competition Commission, "SAS will acquire 50% of Sinokor's share capital and joint control of the same, along with its current sole shareholder, who will retain the remaining 50% of the shares." The amount of the operation has not been revealed and the agreement remains subject to the approval of the competent authorities.
MSC's entry into Sinokor's capital represents a significant step in the Swiss group's diversification into the hydrocarbons business. MSC is the world's largest shipping company by capacity in the container segment, with 7.2 million TEUs at its disposal and a global market share of 21.5%, according to updated data from Alphaliner. Until now, its activity was focused on the transportation of general cargo in containers, but the operation with Sinokor gives it a leading position in the market for Very Large Crude Carriers (VLCC), the largest tankers, with lengths that transport cargo of more than 200,000 deadweight tons.
Sinokor began its entry into the VLCC market in late 2025 with an intense acquisition strategy that, according to estimates from several international brokers, would have placed it among the top three shipowners in this segment worldwide. The Norwegian broker Fearnleys estimated in mid-February that one in four ships of this type in the world belonged to the South Korean company. Specialized media such as Tradewinds and Lloyd’s List, citing multiple industry sources, reported the purchase and commissioning of up to 40 large tankers by Sinokor, including seven VLCCs chartered under one-year contracts. The South Korean firm would control around 25% of the world's capacity of this type of ship, making it the largest individual owner in the segment according to the most recent reports.
In parallel, MSC would have commissioned approximately a dozen VLCC vessels from Chinese shipyards in late January, an operation that industry analysts directly link to the agreement with Sinokor, as these ships would become part of the new shared portfolio of both companies. If these figures are confirmed, MSC would jointly control a fleet of over a hundred VLCC ships.
Sinokor maintains a diversified portfolio that encompasses dry bulk, liquid bulk transportation, and the container market. In this last segment, the South Korean shipping company ranks nineteenth in the world, with 125,109 TEUs under control, equivalent to 0.4% of the global market share.