The Supertanker Tycoon's Double Edged Sword Ga Hyun Chung, the Korean shipping tycoon behind Sinokor Group, has emerged as a major player in the oil market through an unprecedented buying spree that started early this year.
His company now owns nearly half of Emirati crude shipments sailing out of the Persian Gulf, according to ship tracking data collected by analytics firms Vortexa and Kpler.
This rapid expansion is largely due to Sinokor's ability to lease ships for "dark" transits, a practice that allows oil producers to export crude through the Hormuz Strait without publicly disclosing their transactions.