Sunday Feature: Who Was the Biggest Winner of the Hormuz War? 　日曜特集・ホルムズ戦争、最大の勝者は誰なのか

How South Korea’s Sinokor and Tankers International Highlight a Freight Market Model Different from Japanese Shipping Companies

韓国シノコーとTankers Internationalが映す、日本船社とは異なる「運賃支配」の構図

VLCC (Very Large Crude Carrier) freight rates surged to historic highs during the Hormuz War. Two market participants came to symbolise the upheaval: South Korea’s Sinokor Merchant Marine, which had been aggressively expanding its tanker fleet before the conflict, and Tankers International, the VLCC pooling platform centred on Greek shipowners.

This article examines the earnings structure of the tanker market through the contrasting business models of independent overseas tanker owners and Japanese shipping companies that the Hormuz War brought into sharp focus.

■The full article covers the following topics (approximately 3,000 words)

→ Which companies benefited most from the record-breaking surge in VLCC freight rates during the Hormuz War?

→ An analysis of how Sinokor and Tankers International illustrate the scramble for tanker capacity during the crisis.

→ An examination of how elevated freight rates affected the earnings of major tanker owners, including Frontline and Okeanis.

→ What does the term “Imaginary Rates” actually mean? A closer look at reports of exceptionally high freight rates.

→ How do independent overseas tanker owners differ from Japanese shipping companies? An analysis of the contrasting earnings structures and business models highlighted by the Hormuz War.

(Please read the remainder of this article in the paid edition, published in both English and Japanese. The Japanese version follows the English article.)

日曜特集・ホルムズ戦争、最大の勝者は誰なのか

韓国シノコーとTankers Internationalが映す、日本船社とは異なる「運賃支配」の構図

　ホルムズ戦争ではVLCC（超大型原油タンカー）運賃が歴史的な高騰を記録した。市場で象徴的な存在となったのが、戦争前から大規模な船隊拡充を進めていた韓国のシノコーと、ギリシャ船主を中心とするVLCC共同運航プール「Tankers International」である。

　ホルムズ戦争が浮き彫りにした海外独立系船主と日本船社の事業モデルの違いから、タンカー市場の収益構造を読み解く。

■記事本文では以下の内容を読むことができます（記事全文約3,000文字）

→ ホルムズ戦争で歴史的な高騰を記録したVLCC運賃。その恩恵を最も受けた企業とは誰だったのか。

→ シノコーとTankers Internationalの事例から、危機時のタンカー市場で起きた「船腹争奪」の実態を分析。

→ FrontlineやOkeanisなど主要タンカー船社の業績から、高運賃が収益に与えた影響を検証。

→ 「Imaginary Rates（想像上の運賃）」とは何を意味するのか。超高額運賃報道の実態を整理。

→ 海外独立系船主と日本船社は何が違うのか。ホルムズ戦争が浮き彫りにした収益構造と事業モデルの違いを読み解く。

（続きは英語と日本語で書かれた有料版の本文でお読みください。日本語の記事は英文記事に続いて掲載されています）