Filing Confirms MSC is Buying into Sinokor and Behind Tanker Buying Spree

VLCC tanker — MSC is buying into Sinokor which has been buying up VLCCs (file photo)

Public filings in Cyprus and Greece are ending months of speculation, providing the first confirmation that the Aponte family and MSC Mediterranean Shipping are in fact linked to a sudden and dramatic wave of tanker acquisitions that began in late 2025. South Korea’s Sinokor Maritime was the name associated with the buying spree of very large crude carriers, while speculation linked the money and the ultimate buyer as MSC.

It has now been revealed that MSC, through its SAS Shipping Agencies Services division, has acquired a 50 percent ownership stake in Sinokor Maritime. It will share ownership of the company with Ga-Hyun Chung, the founder of Sinokor and previously the company’s sole owner. The company, on its website, says it launched the first Korea-China container liner service in 1989 as Sinokor Merchant Marine Co., and over the years, it has expanded mostly in containerships and dry bulk.

The companies, according to an in-depth article in Forbes, started a relationship when MSC was moving aggressively to buy secondhand tonnage in the container segment. They believe Sinokor sold MSC at least 11 vessels as part of a buying spree in which $40 billion was spent between January 2022 and March 2025 on containerships, according to Forbes. Today, MSC is reported to own or have on charter a total of nearly 1,000 containerships with a total capacity of over 7.2 million TEU.

Sinokor, which is equally as private as MSC, was linked to a rapid series of VLCC tanker acquisitions, with Forbes writing that market sources told it that it appeared it was buying as many large oil tankers as “it could get its hands on.” There were deals with Dynacom Tankers and Frontline, as well as smaller companies. Forbes cites data from Veson Nautical, which says by March, $3.3 billion had changed hands for at least 60 tankers.

In its exposé, Forbes dug into the corporate records in Panama and Equasis. It identified 31 tankers linked to Sinoor but not owned by the company. It found 11 of them registered to a company headed by Mario Aponte and with the address of MSC Shipmangement in Cyprus. There was a total of 18 similar companies, but it was unclear if the other seven had or were buying tankers as well. It notes that another 20 tankers are registered in Liberia, where the records are not public.

Forbes’ sources put the total number of tankers acquired at 76, while other analyses believe it is higher, reaching possibly 100 or more VLCCs. Bloomberg estimates the partnership will eventually control about 150 supertankers, giving it a 40 percent market share. Others put it closer to 25 percent.

It appears to be a well-timed play into the tanker sector as valuations soared in 2026. The war with Iran, however, raises uncertainties for the longer-term outlook for the market.

It is not the first time MSC has used SAS to make its move into other segments. In 2024, SAS purchased Gram Car Carriers to get the group into that market segment. MSC has also expanded its investment into ferries and cruise ships, as well as launching airfreight and buying into railroads and onshore logistics. It took a half interest in the operator of the Port of Hamburg and is said to still be pursuing the acquisition of CK Hutchison’s international port terminal portfolio.

In typical Aponte, MSC fashion, there has been no acknowledgement of the investment in Sinokor or the tankers. The company does not comment on its strategic intent or the opportunities for integration in its operations.