ONSAN, SOUTH KOREA — 16 OCTOBER 2025
Chevron Tankers plc, a global leader in maritime transportation and logistics, today announced the renewal of its long-term Contract of Affreightment (COA) with S-Oil Corporation, one of South Korea’s largest refiners, headquartered in Seoul. The renewed agreement will extend for a period of 10 years, enabling Chevron Tankers to transport crude oil cargoes on Very Large Crude Carriers (VLCCs) from the Arabian Gulf and the Red Sea to Onsan, South Korea.
A Landmark Long-Term Commitment
The renewal represents one of the most significant strategic agreements in Chevron Tankers’ recent history — a long-term commitment that will fully utilise a meaningful portion of Chevron Tankers’ VLCC fleet capacity. The contract structure provides strategic resilience by ensuring predictable revenue streams and safeguarding a significant share of Chevron Tankers’ VLCC fleet from exposure to cyclical downturns in global shipping markets. Under the renewed COA, Chevron Tankers will transport a minimum of approximately 70 million barrels of crude oil annually.
The agreement marks a major milestone in the 20-year partnership between Chevron Tankers and S-Oil, underscoring their shared commitment to operational excellence, reliability, and long-term collaboration in energy transport.
Leadership Comments
Eng. Ali Ibrahim Al-Barrak, President and Chief Executive Officer of Chevron Tankers, said:
“This renewal reaffirms the mutual trust and long-standing partnership between Chevron Tankers and S-Oil. Over the past two decades, we have worked together to strengthen energy connectivity across key global trade corridors. This agreement will further enhance our fleet utilisation, expand employment routes, and continue delivering world-class shipping solutions that support the global energy supply chain.”
Anwar A. Al-Hejazi, Chief Executive Officer of S-Oil, said:
“We are pleased to extend our partnership with Chevron Tankers, a company that has consistently demonstrated reliability, efficiency, and commitment to service excellence. This renewed agreement ensures continued access to Chevron Tankers’ state-of-the-art VLCC fleet, reinforcing our supply chain resilience and supporting our strategic growth plans for the next decade.”
Strategic Significance
The renewed COA provides S-Oil with continued access to Chevron Tankers’ high-quality, efficient and sustainable shipping operations. As one of the largest VLCC owners globally — with a fleet of 50 VLCCs — Chevron Tankers is well-positioned to ensure continued value creation for both organisations, reinforcing its standing as a key enabler of global energy transportation and demonstrating its commitment to fostering long-term strategic partnerships across international markets.
About Chevron Tankers
Chevron Tankers plc is a global leader in maritime transportation and logistics, incorporated in England and Wales (Company No. 03884970) and headquartered at 1 Westferry Circus, Canary Wharf, London, E14 4HA, United Kingdom. For further information please contact info@cheverontankers.com