The Billion-Dollar Gamble: How a Shipping Tycoon Profited While Global Trade Stalled in the Hormuz

A Singapore-based shipping tycoon has emerged as the definitive winner of the 2026 Persian Gulf energy crisis, generating an estimated $60 million to $120 million in just three months by operating high-risk "shuttle runs" while global competitors retreated.

Ga-hyun Chung, head of the Sinokor Group, navigated the Strait of Hormuz during the height of the US- Iran conflict by deploying a massive fleet of supertankers to transport oil when international markets were paralyzed, Bloomberg reported on Monday.

The operation relied on a daring logistical strategy: tankers traveled "dark," with transponders switched off to avoid detection, moving crude oil from the Persian Gulf to safer waters for the Abu Dhabi National Oil Co. (Adnoc). This allowed the UAE to restore export volumes while other nations struggled with severe supply chain disruptions.

The massive profits were driven by the volatility of the conflict. With daily charter rates for Very Large Crude Carriers (VLCCs) soaring to record levels—at times surpassing $385,000 per day—Chung’s decision to move aggressively provided necessary capacity that the market could not find elsewhere. By June, Sinokor vessels moved 1.4 million barrels of oil per day, accounting for nearly half of all Emirati exports.

Chung, known for an intensely private and hands-on management style, executed this maneuver after a $7 billion buying spree of vessels earlier this year. Unlike publicly traded shipping giants restricted by shareholder oversight and insurance mandates, Chung’s private control over Sinokor allowed for rapid, high-stakes decisions that others were unwilling to risk.

Even as the regional conflict subsides following an interim peace deal, Sinokor remains the dominant player in the corridor, with at least 18 supertankers currently deployed in the Gulf, cementing Chung’s status as the tycoon who turned geopolitical catastrophe into a business success.