Sinokor makes fast buck on VLCC pair

Sinokor looks to have made the most of the spike in tanker rates with a swift sale of a pair of VLCCs. Sources tell Splash that the Korean company has obtained $35m each for the VLCCs Plata Pioneer and Plata Sunrise, both built in 1999 in Japan.

Sinokor was unavailable for comment when contacted by Splash. The identity of the buyer has not been revealed.

The deal, if true, marks a very good one for Sinokor. It purchased the pair just over a year ago from SFI for just $22.8m, giving the owner a 55% mark up in just 13 months.

VLCC rates have spiked this year, entering six-digit territory and becoming the strongest seen so far this decade.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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