(Feb 16): A niche but crucial part of the oil market is being rocked by a huge bet from a South Korean tycoon who has amassed a large share of the tanker market — with help from one of the industry’s wealthiest men. Some market veterans said the huge position amassed by the company, overseen by shipowner Ga-Hyun Chung, is unprecedented in their experience. The tanker market is a niche but vital cog within the global oil trade. Some of the people involved in the market estimate that the group had fewer than 120 ships. The rise in the outright value of ships can also bolster long-term hire prices, people involved in the market said.

Source: The Edge Markets February 16, 2026 15:48 UTC