Greek Shipping Magnate Profits as Tankers Brave Strait of Hormuz Amidst Rising Tensions

As tensions escalate in the Strait of Hormuz, a vital artery for global oil trade, Greek shipping magnate George Prokopiou is reportedly capitalizing on the increased risk. While many shipping companies are pausing transits due to Iranian threats, Prokopiou’s Dynacom Tankers has continued to send vessels through the narrow waterway, earning substantial profits from soaring freight rates.

Increased Risk, Increased Rewards

The Strait of Hormuz, located at the mouth of the Persian Gulf, is a critical chokepoint for oil tankers. Recent Iranian missile activity has brought maritime traffic to a near standstill, prompting many ship owners to temporarily halt transits until the situation stabilizes. However, Dynacom Tankers, owned by 79-year-old Prokopiou, has sent at least five tankers through the strait since Saturday, making it one of the few legal operators willing to accept the risk.

Freight rates for tankers leaving the Gulf have more than doubled since Friday, reaching record highs, presenting a significant financial opportunity for those willing to navigate the dangerous waters. According to one shipbroker, “Most owners have paused transits… until things calm down,” but “there are a few buccaneers willing to take the risk.”

‘Ghost Tankers’ and Safety Concerns

To mitigate the risk of attack, crews on some of Prokopiou’s tankers have reportedly been ordered to turn off their transponders before entering the strait, effectively making the vessels “ghost tankers” and harder to track. Ship-tracking websites have shown vessels disappearing from view as they approach the waterway, only to reappear after reactivating their transponders on the other side.

The International Transport Workers’ Federation (ITF) has condemned this practice, stating that ship owners should not be forcing crews to risk their lives.

Dynacom Tankers’ Fleet and Recent Transits

George Prokopiou’s three shipping companies collectively control a fleet of over 150 tankers, giving him significant influence in the global shipping market. Recent transits include the 72,000-metric ton Athina, which crossed the strait unladen on Saturday night, loaded in Bahrain, and departed two days later. The larger Pola, a 150,000-metric ton tanker capable of using the Suez Canal, was also among the Dynacom ships to build the transit.

Prokopiou’s Controversial Stance

George Prokopiou is a controversial figure in the shipping industry, having previously stated that “sanctions have never worked” following the Russian invasion of Ukraine. Ukraine briefly added Dynacom to its list of “international sponsors of war” before later withdrawing the designation.

Recent Developments

As of March 9, 2026, a Greek oil tanker exited the Strait of Hormuz with its signal off, carrying a million barrels of Saudi crude, marking one of the first large oil tankers to make the journey in recent days.