en.Wedoany.com Reported - South Korean shipowner Sinokor has provisionally booked a Very Large Crude Carrier (VLCC) to transport oil from the Persian Gulf to India, with freight rates reaching 897% of the benchmark Worldscale rate—nearly nine times the base rate—marking the highest level this year and reflecting tight vessel availability in the Persian Gulf region.
According to anonymous shipping brokers who spoke to Bloomberg, the provisional booking has yet to finalize specific loading dates, buyers, or destination ports, as details are still being finalized. Sinokor did not respond to emails or phone calls sent by Bloomberg to its offices in Seoul and Singapore.
Sinokor, which has significantly expanded its tanker operations since late last year, is one of the most active shipping companies in the Persian Gulf amid geopolitical tensions and continues to aggressively market its fleet. According to a message reviewed by Bloomberg, an agent received a quote on Wednesday, June 24, offering a VLCC-class tanker to load oil from the Iraqi Basra terminal that same day. The shipowner stated it would carry the cargo through the Strait of Hormuz, indicating continued confidence in the passage's viability despite ongoing restrictions on traffic in the area.
In response to persistent risks in the Strait of Hormuz and market opportunities following the interim agreement between Iran and the United States, shipowners are redeploying vessels. Some have begun repositioning tankers back to the Persian Gulf. According to broker estimates, approximately 65 VLCCs in ballast (empty) status are currently able to reach the Gulf of Oman within a week, with Sinokor accounting for about 25 of them. Since the agreement was reached last week, based on transponder signals and voyage data reviewed by Bloomberg, Sinokor has sent four empty VLCCs toward the Persian Gulf. Additionally, three supertankers belonging to traditional companies have entered the area, adding at least 14 million barrels of capacity locally. An Iranian VLCC has also sailed toward the region.
The Worldscale index is a standard measure of chartering costs in the tanker industry, set annually for specific routes. Vessels are booked at a percentage of this base rate, known as points. Shipping brokers noted that in this case, Sinokor's booking was based on the freight rate for the Persian Gulf-to-Singapore route.
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