March 16 (Asia Today) -- A bold bet by a South Korean shipping heir on ultra-large oil tankers is paying off handsomely as the war involving Iran disrupts global energy markets and drives tanker demand sharply higher.
Bloomberg reported that Sinokor Merchant Marine, a major South Korean shipping company, positioned itself to profit from the crisis after securing a large fleet of very large crude carriers (VLCCs) months before the conflict escalated.
The strategy was led by Jeong Ga-hyun, a director at Sinokor Petrochemical and the son of Sinokor Chairman Jeong Tae-soon, according to the report.
Bloomberg described the move as an unprecedented large-scale bet in the global tanker market, executed well before the outbreak of the Iran conflict.
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