None of the Vessels Sanctioned in the Strait of Hormuz Are Korean-Owned... “All Seven Belong to Overseas Shipowners”

[Financial News] It was revealed on the 15th that none of the vessels cited for violating transit regulations by the Persian Gulf Strait Authority (PGSA) is owned by a Korean shipping company.
PGSA designated a total of 77 vessels for sanctions on the 24th of last month and the previous day. Claims emerged that seven of them were owned by Janggeum Maritime, a Korean shipping company. However, Janggeum Maritime said through the Korea Shipowners' Association that all seven vessels are owned by overseas shipowners.
According to the Korea Shipowners' Association and Janggeum Maritime, the seven crude oil tankers in question are wholly owned by overseas shipowners, and not a single Korean crew member is aboard. Janggeum Maritime chartered the vessels and then subchartered them to overseas oil companies.
The seven vessels identified are Cyprus Prosperity, Singapore Prosperity, Sweden Prosperity, Rotterdam Energy, Mombasa B, Portugal Prosperity, and Malaysia Prosperity.
The Senegal Prosperity, which foreign media previously reported had been attacked by a missile in the Strait of Hormuz, was also in the same situation. Janggeum Maritime had no beneficial ownership of the vessel, no Korean crew members were aboard, and it had been subchartered to an overseas oil company.
A subchartered vessel is unrelated to a domestic shipping company not only in ownership but also in operation. This is why the vessel accident reporting system of the Ministry of Oceans and Fisheries and the Korea Shipowners' Association does not apply. An MOF official said, "Janggeum Maritime chartered a vessel and then leased it to someone else, which is common in the shipping market depending on the circumstances." An official from the Korea Shipowners' Association also said, "We regard a vessel as ours when we have purchased it or hired its crew. A vessel that has been subchartered after being chartered does not fall into that category."

[email protected] Kim Yun-ho Reporter