South Korea's Sinokor Transports Nearly 40% of Oil Passing Through Hormuz in September

South Korean Sinokor Group vessels transported 105.6 million barrels of crude oil through the Strait of Hormuz in September, accounting for nearly 40% of total crude flows passing through the strait, according to data from Vortexa, Equasis, and Signal Group. This comes after a recovery in oil flows through the strait.

Sinokor's shipment volume exceeded the combined shipments of the next three largest owners: Bahri, Kuwait Oil Tanker Company, and ADNOC's shipping arm, whose total shipments reached 97.3 million barrels. This demonstrates a clear dominant share for a single company over its competitors.

The figure points to a significant concentration in crude transport through one of the world's most vital maritime choke points, at a time when markets are monitoring the impact of any disruption in Hormuz on supplies. This concentration places a limited number of operators in a crucial position for global oil movement, highlighting the importance of tracking any changes in shipping routes or transport contracts.

Gulf countries rely on the Strait of Hormuz to export most of their crude, making the distribution of shipments among owners an indicator of the fleet's ability to respond to security volatility. It also explains market interest in any shifts in shipping patterns or company market shares. Such data is used to measure supply chain resilience in the face of security risks.

What do these terms mean?

Sinokor: A South Korean shipping group operating a fleet of oil tankers, considered one of the largest operators transporting crude through major maritime sea lanes.

Strait of Hormuz: A narrow waterway between the Gulf and the Gulf of Oman, through which a significant portion of global oil exports passes.

Oil tanker: A ship designed to transport crude oil or refined products in bulk between ports.