Oil Tankers Make Fortunes During War as Sinokor Dominates
Oil supertankers are earning record rates for voyages from the Persian Gulf, with a Saudi Arabia-to-China route reaching $656,000 a day, over ten times the rate a year earlier. The surge is driven by Iranian attacks and Houthi assaults on Saudi tankers, which have reduced the number of ships willing to enter the region and increased journey times. Sinokor Group, the world's largest supertanker player, has profited by hiring out ships at elevated rates after buying dozens of vessels before the war.
Why it matters: This illustrates the theme of geopolitical risk and its impact on global shipping and energy markets.