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Iran has picked its next target in Hormuz, and it is a company. Tehran’s Persian Gulf Strait Authority, created in May to vet ships crossing the strait, said on October 27 that from November 1 it will take “legal action” against every vessel of Sinokor, the South Korean group that Bloomberg describes as the largest supertanker owner in the world. By Bloomberg’s calculation, Sinokor-owned ships took 105.6 million barrels of crude out through Hormuz in September, roughly 37 percent of the crude crossing the strait by the count SBS and Herald Business published, and more than Saudi Arabia’s Bahri, Kuwait’s KOTC and ADNOC’s shipping arm moved between them. The authority addressed its warning to cargo owners, stakeholders and insurers, Bloomberg and Tasnim reported, a list that takes in the companies whose oil rides on Sinokor’s tankers and the companies that insure them. A day later, the Korea Shipowners’ Association said the vessels at issue were not Sinokor-owned. Relaying the word of a Sinokor official, it said they were on sub-charter to a foreign oil company and had no Korean seafarers aboard. On our reading, the warning is aimed less at ships at sea than at the contracts behind them, and the company it names carries more Hormuz crude than anyone else. This brief sets out what Iran said, who Sinokor is, what it has built, whose ships are at issue, what Sinokor’s ships have been through, what Bloomberg reports about its role in the market’s benchmark and what the record supports.
📋 In This Issue:
🛢️ The Story:
What Iran said, who Sinokor is, what it has built, whose ships are at issue, what Sinokor’s ships have been through, what Bloomberg reports about Sinokor and the benchmark and what the record supports
📊 By The Numbers:
105.6 million barrels of September Hormuz crude on Sinokor-owned ships, about 37 percent of the strait’s crude that month, Bloomberg’s $2.1 billion gross October estimate for a fleet the size of the 83 supertankers listed under Sinokor’s management, about $1.35 million a day on the Gulf to China benchmark in the week to October 30, at least seven Sinokor ships Iran says it has acted against and 24 seafarers killed since the war began
🌍 Why It Matters:
What it changes for the tanker owner and broker, the charterer and cargo owner, the underwriter and compliance officer and the ship financier and investor
👀 What To Watch:
November 1, Seoul, the unnamed oil company, the benchmark trial in London, the US Navy with the November 3 midterms and the falsifier that would change this brief’s reading
🚨 Gosships Signal:
On our reading, Iran cannot easily stop the ships, so it is going after the contracts
