MSC acquires 50 percent stake in South Korean Sinokor
MSC will acquire a 50 percent stake in South Korean tanker firm Sinokor. The deal involves joint control of the company with current owner Mr. Ga-Hyun Chung.
The global shipping landscape is set for a significant shift as the Mediterranean Shipping Company (MSC) moves to acquire a 50% stake in the South Korea-based shipping firm Sinokor. According to a public filing recently disclosed in Cyprus, the acquisition will result in MSC sharing joint control of the company with Ga-Hyun Chung, who currently maintains full ownership of Sinokor’s share capital.
Sinokor has established itself as a formidable force within the tanker market, particularly in the very large crude carrier (VLCC) segment. Data from maritime provider Veson Nautical indicates that the firm expanded its influence by acquiring several VLCCs in recent years. This strategic move by MSC, which is headquartered in Switzerland, signals a deepening interest in the energy transport sector—a market segment where companies such as Top Ships Inc. also maintain a presence.
The MSC Group, the parent entity of the shipping empire, plans to execute the transaction through its subsidiary, SAS Shipping Agencies Services. The conglomerate remains under the control of the Aponte family, led by billionaire Gianluigi Aponte, who hails from Italy.
After the acquisition MSC will jointly control Sinokor with Mr. Ga-Hyun Chung, who holds the entire share capital of Sinokor, the filing said.
While the filing outlines the structural changes, MSC has not yet provided an official comment regarding the timeline or the specific financial terms of the partnership.
