Sinokor Expands VLCC Fleet, Poseidon Principles Urge Climate Disclosure

## Sinokor Dominates VLCC Market with One-Quarter of Compliant Fleet According to analysis by Norwegian broker Fearnleys, the Ga-Hyun Chung-led Sinokor shipping company now controls around 25% of the VLCC (very large crude carrier) fleet that is compliant with environmental regulations. Sinokor has been aggressively expanding its supertanker business through a series of S&P and charter deals in recent months. "Sinokor now controls about one in four compliant VLCCs," the Fearnleys report stated. This rapid growth has made Sinokor a major player in the VLCC segment, which is undergoing significant changes as the industry works to meet stricter emissions standards. ## Poseidon Principles Defend Climate Disclosure Amid US Rollback In the face of a retreat from green legislation in the United States, the new chair of the Poseidon Principles Association, Paul Taylor, has issued a strong defense of maritime transparency and climate disclosure. Writing on LinkedIn, Taylor - who also serves as global head of shipping at Societe Generale - urged banks to "keep climate disclosure alive" despite the policy changes in Washington. The Poseidon Principles, a climate alignment agreement for financial institutions, have become an important tool for tracking the shipping industry's progress on emissions reduction. "In a climate of escalating geopolitical tension and a sharp retreat from green legislation in Washington, Paul Taylor...has issued a staunch defence of maritime transparency," reported Splash247. ## Trading House BB Energy Launches Shipping Unit Energy trader BB Energy is restructuring its shipping operations, consolidating chartering and freight activities into a new unit called Blue Bolt Shipping. The company has also brought in an experienced industry executive to lead the new division. Blue Bolt Shipping will combine the functions of Turbo Asia, which was previously BB Energy's shipping arm. The rebranded unit will be a wholly owned subsidiary of BB Energy. "Energy trader BB Energy is reshaping its shipping arm, rolling all chartering and freight activities into a newly branded unit, Blue Bolt Shipping, and bringing in a seasoned industry executive to run it," Splash247 reported. ## Other Industry Developments In other maritime news, offshore driller Borr Drilling has secured new contracts and extensions for four of its jackup rigs. And in Egypt, the Damietta Alliance Container Terminals joint venture has begun operations at the Port of Damietta.