WEST ASIA (Bloomberg): As the war in Iran wreaks chaos across global energy markets, one enigmatic Korean tycoon has seen his earnings soar. For months, Ga-Hyun Chung has been buying up vast quantities of oil tankers - a bet of unprecedented scale that shook the global shipping market even before the conflict started. His move to buy up a significant share of the global tanker fleet in recent months shocked old hands of the shipping market. In 2024, the company sent oil tanker rates surging after it made a rush of bookings that left others in the business nonplussed. By March 2, after the start of the conflict left Hormuz frozen and Middle Eastern energy supplies choked off from the rest of the world, tanker rates soared further.

Source: The Star March 14, 2026 20:24 UTC