pays

March 16 (Asia Today) — A bold bet by a South Korean shipping heir on ultra-large oil tankers is paying off handsomely as the war involving Iran disrupts global energy markets and drives tanker demand sharply higher.

Bloomberg reported that Sinokor Merchant Marine, a major South Korean shipping company, positioned itself to profit from the crisis after securing a large fleet of very large crude carriers (VLCCs) months before the conflict escalated.

The strategy was led by Jeong Ga-hyun, a director at Sinokor Petrochemical and the son of Sinokor Chairman Jeong Tae-soon, according to the report.

Bloomberg described the move as an unprecedented large-scale bet in the global tanker market, executed well before the outbreak of the Iran conflict.

Tankers deployed to Gulf before war

On Jan. 29, weeks before the war erupted in late February, Sinokor reportedly deployed at least six empty VLCCs to the Persian Gulf, positioning them to wait for cargo.

After disruptions in the Strait of Hormuz pushed tanker demand and charter rates sharply higher, the strategy began generating massive returns.

The Strait of Hormuz is one of the world’s most critical energy chokepoints, handling roughly 20% of global oil shipments.

Tanker rates surge to $500,000 a day

With oil exports disrupted and storage facilities across the Middle East filling rapidly, oil producers have increasingly turned to tankers as floating storage units.

According to Bloomberg, Sinokor is now chartering vessels for about $500,000 per day, roughly ten times last year’s average tanker rates.

Industry estimates suggest that by late February the company controlled around 150 VLCCs, representing roughly 40% of available tankers not already tied up in sanctions or long-term contracts.

Quiet heir behind massive shipping strategy

Jeong is known in the shipping industry as the low-profile heir to one of South Korea’s major maritime families.

Bloomberg reported that he rarely appears publicly and is known internally for a military-style management approach. Industry anecdotes even describe him challenging employees and business partners to arm-wrestling contests.

Oil supply disruptions reshape tanker market

The Iran war has dramatically altered global oil transportation patterns, forcing ships to reroute and increasing the need for offshore storage.

Under those conditions, Sinokor’s aggressive tanker acquisition strategy is now being viewed as one of the biggest winners of the crisis, Bloomberg said.

WSJ: Sinokor among winners of Hormuz crisis

The Wall Street Journal earlier identified Sinokor as one of the companies benefiting from the Strait of Hormuz tensions.

According to the newspaper, the company purchased dozens of oil tankers and deployed some of them to the Gulf region even before the conflict intensified.

Sources told the Journal that Sinokor is leasing several vessels to ADNOC, the United Arab Emirates’ state-owned oil company, to be used as floating storage facilities.

These vessels can earn up to $500,000 per day in charter fees, the report said.

As land-based storage in Gulf oil-producing countries approaches capacity, producers have increasingly stored crude at sea. Drilling firms in Iraq and Kuwait have even slowed production due to storage shortages.

The WSJ also noted that Greek shipping magnate George Prokopiou adopted a similar strategy, sending at least five tankers to the Strait of Hormuz through his company Dynacom, which is reportedly earning up to $440,000 per day – about four times pre-war rates.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260316010004394

MOTORHEAD guitarist, Phil Campbell, has died aged 64.

His family said that he died following “a long and courageous battle in intensive care after a complex operation”.

In a heartbreaking statement, his family said: “It is with great sadness that we announce the passing of our beloved father, Philip Anthony Campbell, who passed away peacefully last night following a long and courageous battle in intensive care after a complex major operation.

“Phil was a devoted husband, a wonderful father, and a proud and loving grandfather, known affectionately as “Bampi.”

“He was deeply loved by all who knew him and will be missed immensely. His legacy, music and the memories he created with so many will live on forever.

“We kindly ask that our family’s privacy is respected during this incredibly difficult time.”

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The tribute was posted online by Phil Campbell and the Bastard Sons, a band featuring Phil and his three sons Todd, Dane and Tyla.

The family band were forced to cancel an Australian tour in February due to “medical advice Phil has just received”.

Campbell joined Motorhead in 1984 before they disbanded in 2015 following the death of front man Lemmy, who died in 2015, aged 70.

His studio debut came with the release of Motorhead’s Orgasmatron in 1986.

In 2019, he released his first solo album, Old Lions Still Roar.

More to follow… For the latest news on this story keep checking back at The Sun Online

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ERIC Dane has died aged 53 after a brave battle with ALS.

The Grey’s Anatomy and Euphoria actor passed away with his wife, Rebecca Gayheart, and daughters Billie and Georgia by his side, his rep said in a statement on Thursday, February 19.

“With heavy hearts, we share that Eric Dane passed on Thursday afternoon following a courageous battle with ALS,” the statement began.

“He spent his final days surrounded by dear friends, his devoted wife, and his two beautiful daughters, Billie and Georgia, who were the center of his world. 

“Throughout his journey with ALS, Eric became a passionate advocate for awareness and research, determined to make a difference for others facing the same fight.

“He will be deeply missed, and lovingly remembered always. Eric adored his fans and is forever grateful for the outpouring of love and support he’s received. 

health battle

Eric Dane’s Grey’s co-star reveals ‘heartbreaking’ update on ALS battle

“The family has asked for privacy as they navigate this impossible time.”

SCARY DIAGNOSIS

Eric had been battling ALS, a fatal neurodegenerative disease also known as amyotrophic lateral sclerosis or Lou Gehrig’s disease, since early 2024, when he first began experiencing symptoms.

The star announced his diagnosis in April 2025, which quickly progressed to near full paralysis in the months before his death.

Eric had to bow out of multiple public appearances due to his worsening condition.

In January 2026, he withdrew from the ALS Network’s Champions for Cures and Cares gala just hours before the event began.

The TV star also missed his scheduled appearance at the Primetime Emmy Awards in September 2025 because of complications from the disease.

In December 2025, Eric shared an update on his health during a virtual panel for IAMALS.org.

At this point, the father of two had lost mobility in his arms, had noticeable changes in his speech, and was confined to a wheelchair.

“I have no reason to be in a good spirit at any time, on any given day,” an emotional Eric shared.

“I don’t think anybody would blame me if I went upstairs in my bedroom, crawled under the sheets, and spent the next two weeks crying.”

Despite his drastic health decline, Eric vowed to continue acting and that he wouldn’t give up fighting.

“I’m not about to concede my purpose for some disease. I just am not capable of doing that.

“I’m fairly limited in what I can do physically as an actor, but I still have my brain, and I still have my speech, so I’m willing to do just about anything.”

BRAVE FIGHT

In November 2025, Eric starred in an episode of the NBC medical drama Brilliant Minds, playing a firefighter living with ALS.

“The hardest thing for me to do was separate myself from the character because it was something that was so fresh and it was something that was so real to me,” Eric told the Daily Mail about the role.

“I’ve never played a character who’s going through something, and something that I’m dealing with in real time, in real life as well,” he continued.

“So, it was hard, and there were moments where it was very difficult for me to get the lines out. 

“But overall, I was really grateful for the experience. I found it to be a bit cathartic.”

Eric is also reprising his role as Cal Jacobs in the third season of Euphoria, which will premiere on HBO in April, after a four-year hiatus.

In late January, Eric received praise from his Grey’s Anatomy co-star, Patrick Dempsey, for his bravery since his brutal diagnosis.

“I do try to stay in touch and see how he’s doing. I think he’s been incredibly courageous in the face of this horrible disease,” Patrick told Parade in an interview.

He also said that he tried to get Eric on his new crime thriller series, Memory of a Killer, but his condition made it “virtually impossible.”

Eric is survived by his two children, Billie Beatrice, 16, and Georgia Geraldine 14, whom he shares with Rebecca.

The couple separated in 2018, but called off their long divorce once Eric received his diagnosis.

The United Nations announced that the United States has paid approximately $160m towards its nearly $4bn in outstanding dues.

The payment goes towards the UN’s regular operating budget, according to spokesman Stephane Dujarric.

But the shortfall comes as the administration of US President Donald Trump has openly questioned its commitment to the UN and has slashed money earmarked for the international body.

Still, on Thursday, Trump appeared to endorse funding the UN during the inaugural meeting of his Board of Peace in Washington, DC.

“We’re going to help them money-wise, and we’re going to make sure the United Nations is viable,” Trump said. “And I think it’s going to eventually live up to its potential. That will be a big day.”

The UN has indicated that the US owes about $2.196bn to its regular budget, including $767m for the current year. Another $1.8bn is owed for the UN’s peacekeeping operations.

A financial crisis

For years, the UN has faced a financial crisis, with a growing shortfall of contributions. Each of the organisation’s 193 member states is required to contribute, based on its economic ability.

Poorer countries could be asked to contribute as little as 0.001 percent of the UN’s regular budget. Wealthier countries could reach the maximum contribution amount of 22 percent.

But unpaid dues have already forced the UN to slash its spending and reduce its services.

In a stark warning last month, United Nations Secretary-General Antonio Guterres cautioned that the international body faces an “imminent financial collapse” unless its financial rules are overhauled or all 193 member nations pay their dues.

Guterres revealed that the UN’s regular operating budget could be depleted as early as July, a scenario that would severely jeopardise its global operations.

The US is the largest donor to the UN, as the world’s largest economy. But it currently owes billions in unpaid dues.

UN officials have stated that the US accounts for approximately 95 percent of the arrears to the organisation’s regular budget.

‘Empty words’

Since returning to the White House for a second term in January 2025, Trump has elevated concerns that US dues might go unpaid.

The Republican leader has repeatedly criticised the UN as ineffective, even articulating that sentiment at September’s UN General Assembly.

“What is the purpose of the United Nations?” Trump asked the assembly. “All they seem to do is write a really strongly worded letter and then never follow that letter up. It’s empty words.”

Throughout his second term so far, he has cut foreign aid spending and withdrawn from international commitments. In January, for instance, his government pulled out of 31 UN programmes, including its democracy fund and a body that works on maternal and child health.

But on Thursday, at his Board of Peace meeting, Trump appeared to take a warmer stance towards the UN, saying he planned to work “very closely” with the organisation.

“Someday, I won’t be here. The United Nations will be,” he said, seeming to endorse its longevity.

Trump also acknowledged the organisation’s financial distress: “They need help, and they need help money-wise.” He did not mention the US arrears.

While the Board of Peace establishment was meant to oversee the Gaza ceasefire, many see it as an attempt by Trump to rival the UN Security Council’s role in preventing and ending conflicts around the world.

Critics have described the board, which Trump chairs, as a “parallel system” that risks undermining the UN’s authority and operations.

Trump himself appeared to position his Board of Peace as an oversight body for the UN in Thursday’s remarks.

The Board of Peace, he said, “is going to almost be looking over the United Nations and making sure it runs properly”.

EXCLUSIVE: Death in Paradise star Don Gilet has spoken out about new cast member Catherine Garton who plays Sergeant Mattie Fletcher

Death in Paradise’s detective Don Gilet, who portrays Mervin Wilson in the BBC series, has praised new police officer Catherine Garton, who takes on the role of Sergeant Mattie Fletcher.

Mattie is the latest addition to the Saint Marie force and steps into the shoes of Darlene Curtis, previously played by Ginny Holder. Ginny made a quiet exit from the show after only appearing via video link in the Christmas special.

In an exclusive chat with Reach PLC and other media outlets, Don discussed the upcoming series and his experience of welcoming a fresh face to the squad.

He began by stating that Darlene was not replaced, as “you cannot replace that character”. He elaborated, “It was just the new character coming in, just a completely different energy that we weren’t expecting.

“The arrival of Mattie surprises us all as characters, and she’s a very colourful and larger-than-life character as well. So it’s always great,” reports the Express.

“It’s just the same as when new characters come in per episode, it sort of keeps things fresh, keeps the characters on their toes, brings some new and different energy in with a new storyline to go with it.”

He continued, “And again, not giving too much away, but you find out things about Mattie bit by bit as she tries to connect with her colleagues, the same way I tried to connect with my colleagues, and it didn’t happen very easily.

“She’s a great character to work with, and there’s a rebelliousness to the character that Catherine brings, which in some ways is similar to the way that Mervin works.

“So I wonder if there’s just a little tinge of admiration for the way she works that is a bit unorthodox.”

The synopsis for tonight’s episode, available to stream on BBC iPlayer, states: “A reclusive pensioner is shot dead in his home, and a figure matching the description of an unassuming accountant was witnessed fleeing the crime scene.”

It continues: “However, the suspect has a rock-solid alibi. Meanwhile, the commissioner is determined to get the islanders back on side with a community-focused initiative, but tensions rise when Mervin goes rogue during the launch event.”

Death in Paradise airs on Friday at 9pm on BBC One.

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