The United Arab Emirates managed to almost completely restore oil exports through the Strait of Hormuz during the war between the US and Iran, using the tactics of the so-called "dark fleet," when tankers turned off their transponders and conducted covert voyages. This was reported by Reuters, citing data from shipping analytics companies and industry sources, according to UNN.
Details
According to the agency, tankers passed through the strait without their identification systems turned on, often at night, after which they reloaded oil onto other vessels in the Gulf of Oman. Such methods were previously mostly associated with countries under sanctions, including Iran, Russia, and Venezuela.
A key role in implementing this scheme was played by the South Korean shipping company Sinokor, which provided the Abu Dhabi National Oil Company (ADNOC) with a significant number of supertankers for oil transportation. According to Reuters, by June, almost half of the crude oil exports from the UAE were carried out by vessels controlled by Sinokor.
Sinokor became one of the main beneficiaries of the war
Reuters notes that the agreements with Sinokor allowed the UAE to increase shipments through the Strait of Hormuz much faster than other Gulf countries. This enabled Abu Dhabi to take advantage of high oil prices during the war and partially compensate for disruptions in global supplies.
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According to shipbrokers' estimates, just three supertankers operating on the route since mid-April could have brought Sinokor between $60 and $120 million in revenue. After the temporary peace agreement between the US and Iran came into effect, the company continued to transfer new tankers to the Persian Gulf and offer its services for transporting oil from other countries in the region.
As Reuters notes, thanks to the aggressive expansion of its fleet, Sinokor now controls a significant portion of the available supertankers capable of operating in the Persian Gulf. Experts believe that this is what allowed the company to become one of the biggest winners from the sharp increase in shipping rates caused by the war and disruptions in global oil trade.
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