SINOKOR Maritime’s very large crude carrier buying spree is being funded by the containership mogul Gianluigi Aponte, the co-founder and president of the world’s largest containership owner, Mediterranean Shipping Co, according to multiple industry sources.

The massive play, which is increasingly looking like a bid to corner the VLCC market, has now reached more than 40 secondhand acquisitions, some of which are still being worked on, as well as a swollen charter portfolio.

“It’s Aponte’s money,” said one executive with direct knowledge of the funding. As much as $5bn has been put aside for the big tanker play, said the same source.

Numerous others who have been involved in specific transactions also point to the cash-rich family behind MSC and MSC Cruises as financing the deals.

Lloyd’s List has established that sales agreements for at least some of the vessels have been signed by companies linked to MSC Group.

Adding to speculation over MSC’s tanker ambitions, the group is also being linked to a new order for eight VLCC newbuildings at Chinese shipbuilder Hengli Heavy Industry.

MSC is an existing client of the yard, where it has at least 20 LNG-fuelled megamax containerships on order, contracted in 2024 and 2025.

Market speculation about a closer relationship between the South Korea- and Switzerland-based shipowners has swirled since late December, after MSC acquired four secondhand Sinokor containerships.

At the time, sources suggested discussions were also under way for the world’s largest liner operator to take over the majority of Sinokor’s boxship fleet, although cast-iron confirmation of the extent of dealings in the container sector have been difficult to obtain.

Likewise, the exact nature of the relationship between Aponte and Sinokor owner Ga-Hyun Chung in the dramatic push into VLCCs is difficult to pin down.

Most of the counterparties and others involved in the VLCC deals who have been talked to by Lloyd’s List say that the signs point to a massive investment in the sector by Aponte.

Deals, however, remain shrouded in non-disclosure agreements and confidentiality clauses.

It remains unclear at this stage whether a formal tanker joint venture has been established by the two sides, or whether there has been some form of asset swap — tankers for containerships — that has been agreed.

In addition, the possibility that there is a loan finance element in the relationship cannot be ruled out.

MSC has declined to comment.

Since late December, Sinokor has been linked to the acquisition of some 40 VLCCs built between 2010 and 2016, with reported prices ranging from $68m to more than $100m per vessel — levels well above prevailing benchmark estimates.

One of the sellers told Lloyd’s List that the decision to sell was an easy one. The price being offered was “dream money” for older tonnage, the source said.

In addition, it is understood that at least a few more previously unreported acquisition candidates are being worked on, bringing the likely total haul to more than 40.

The ships include eight purchased from John Fredriksen-controlled Frontline, six from Belgium’s CMB.Tech, three from UK-based Zodiac Maritime and two from New York-listed International Seaways.

A number of Greek owners also figure among the sellers, led by George Prokopiou-controlled Dynacom Tankers that has confirmed the sale of 12-13 VLCCs, with deliveries likely to start over the next fortnight.

Some sources had earlier cast doubt on the number of Dynacom sales and whether or not they had gone through.

Other Greek owners reported to be offloading VLCCs to Sinokor include Evangelos Marinakis-led Capital Maritime, George Economou’s TMS Tankers, the Alafouzos family’s Kyklades Maritime and Chandris Group. Others are understood to be under discussion.

At the same time, one of the frequently-reported transactions appears to have wobbled amid a dispute between buyer and seller.

According to Sinokor, Greece-based Delta Tankers had agreed a price of $80.8m apiece for the 2012-built Delta Glory (IMO: 9602617) and Delta Angelica (IMO: 9602629). The pair are the oldest of Delta’s current five VLCCs.

But the Greek seller said “no deal”, claiming that advice from its P&I Club, as well as lawyers in Athens and London, gave pause over whether the agreement met sanctions-related requirements.

According to one exchange obtained by Lloyd’s List, Sinokor has warned it may take legal action including potentially arresting the two vessels which are both currently in Asia.

However, there is no sign so far that any of the other deals have been impacted by similar concerns.

At least one of the biggest sellers seems to already be moving to replace outgoing older VLCCs.

Dynacom is currently in discussions with Chinese yard Hudong-Zhonghua Shipbuilding for an unconfirmed number of VLCCs for delivery in 2028.

Although some rumours have mentioned Dynacom as being interested in 12 vessels, the group told Lloyd’s List that number is inflated and, anyway, no deal has yet been agreed.

The owner already effectively has 20 newbuilding VLCCs on order, including four previously unreported options recently secured at Hengli. Prokopiou is known for consistently exercising contractual options.

Depending on the extent of any emerging sales to MSC, Sinokor controls more than 70 containerships, roughly half of which are under 10 years old. The company also has four 13,000 teu ships under construction at HD Hyundai Heavy Industries in South Korea.

MSC has expanded well beyond its core container business in recent years, moving into bulk carriers, cruise, ferry and vehicle carriers, but a tanker deal would mark the group’s first direct entry into the crude oil sector.

The company’s diversification began in 1989 with the acquisition of Italian cruise operator Lauro Lines, later rebranded as MSC Cruises, now the world’s third-largest cruise operator.

Further expansion followed with the acquisition of ferry operator Grandi Navi Veloci in 2010 and the purchase of deepsea ro-ro operator Messina Line in 2020. A 49% stake in ferry operator Moby Lines arranged in 2023 has since been divested due to competition concerns.

Most recently, MSC completed a $700m deal to acquire vehicle carrier provider Gram Car Carriers, which was concluded in 2024.

Additional reporting by Linton Nightingale and Richard Meade.