Multiple SwapBuffers and VSYNC

I have one OpenGL App that run at 300 Hz without VSync. If I launch 2 times the same app each one run at 150 Hz.
Now when I enable VSync, My app run at 60Hz (Monitor Freq) but when I launch a second time my program, each run at 30 Hz… Why !!!

If It can run at 150 Hz without VSync it must run at 60Hz with VSync. It’s like if only one buffer swap is made by Vertical Retrace.

The problem is on GeForce 2 (Win and Linux) but not on a SGI Onyx Reality…

If Someone have an explanation…