MSC-Sinokor tie-up confirmed as regulators reveal joint control deal

The partnership has been marked by an unprecedented expansion strategy focused largely on secondhand acquisitions, alongside several newbuildings.

The Greek and Cypriot Competition Commissions last week published notifications of a concentration concerning the acquisition of joint control over Sinokor Maritime by MSC and South Korean shipowner Ga-Hyun Chung.

According to the Greek announcement dated 13 March, an investment framework agreement was signed on 2 February 2026 between Mr Chung and SAS Shipping Agencies Services Sarl (SAS Lux, part of the MSC Group), and Sinokor Maritime.

Under the agreement, SAS Lux will acquire a 50% stake in Sinokor and joint control of the company, alongside its current sole shareholder, Mr Chung, who will retain the remaining 50%.

The proposed transaction was notified to the Competition Commission on 25 February.

The announcement noted that SAS Lux forms part of the MSC Group, which is primarily active in transport and logistics, providing global maritime transport services as well as related ancillary services.

Mr Chung, meanwhile, “controls companies active in dry bulk transport and shipping operations through the chartering of bulk carriers and tankers, providing tramp shipping services for liquid cargo.”

The Cypriot filing further states that SAS Shipping Agencies Services Sarl is a legal entity registered under the laws of Luxembourg, while Sinokor is incorporated in the Republic of Korea.

Unprecedented expansion

Shipbrokers have described Sinokor as a “super” operator, with a potential fleet controlling around 16% of the mainstream VLCC market. BRS Shipbrokers estimates that the company’s fleet could grow to as many as 118 VLCCs once all vessels are delivered.

Equasis data shows that the owner has already taken delivery of 30 VLCCs this year.

However, little had previously been known about the involvement of the Aponte family-run MSC in the venture. While mainstream media had suggested that MSC was backing Sinokor’s aggressive expansion, no official confirmation had been provided by either party until now.

Shipbroking sources indicated last month that the two sides have also co-operated on a VLCC newbuilding project at China’s Hengli Heavy Industries.