Huge Supertanker Bet Keeps Growing With US Gulf Locked Up (2)

A shipowner’s once-in-a-generation wager on oil tankers has made it so powerful that it controls an overwhelming majority of supertankers that can collect American oil next month.

A push by South Korea’s Sinokor group — with backing from Mediterranean Shipping Co. — to scoop up very-large crude carriers has given it unprecedented control over a big share of the global fleet for immediate hire. The spree has been called “seismic” by a rival and pushed hiring costs to multiyear highs.

The scale of Sinokor’s position became more apparent this week, as it controlled almost all the VLCCs available for hire ...