Shipping tycoon cashes in on Hormuz crisis with $120m windfall from buying oil tankers

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A South Korean shipping tycoon, Ga-Hyun Chung, profited immensely by purchasing supertankers amid the Iran conflict, capitalizing on oil market disruptions caused by the Hormuz crisis. His large acquisitions of VLCCs earlier this year positioned him to benefit from ongoing regional instability.

A South Korean shipping entrepreneur has emerged as one of the biggest beneficiaries of disruption to global oil markets after his bold expansion into supertankers during the Iran conflict. Ga-Hyun Chung surprised the shipping industry with an unprecedented buying spree of very large crude carriers (VLCCs) earlier this year, according to Bloomberg. This positioned his ...