Millions for passages A Greek makes big business in the world's most dangerous strait
While many shipping companies are avoiding the Persian Gulf, a Greek billionaire is using the crisis for lucrative business. His supertankers continue to sail through the dangerous Strait of Hormuz - and earn millions in the process.
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- Greek shipowner Georgios Prokopiou continues to send tankers through the Strait of Hormuz despite tensions in the Iran conflict.
- Freight rates have risen massively during the crisis and are currently earning shipowners hundreds of thousands of dollars a day.
- Seafarers sharply criticize the dangerous operations and speak of "death papers" that crews are asked to sign.
The Strait of Hormuz is one of the most important bottlenecks in the global energy supply. A large proportion of the world's oil transports flow through the narrow passage between Iran and Oman. Concerns on the energy markets have been correspondingly high since the situation in the Middle East came to a head.
However, while many shipping companies are avoiding the route, one entrepreneur is using the situation specifically for new business. Greek shipping company Georgios Prokopiou, for example, continues to send supertankers through the dangerous passage - and is currently generating particularly high revenues.
Hundreds of thousands of dollars per day
In the past week alone, five tankers from Prokopiou's fleet are said to have passed through the strait. One of them is the supertanker "Smyrni", which left the route unscathed at the weekend. The ship "Shenlong" had previously passed through the passage.
The financial incentives are currently enormous. Shipping companies currently receive around 538,000 dollars per day in freight costs for a successful voyage through the region. Before the current crisis, revenues were around 200,000 dollars a day.
Other shipping companies are charging even higher rates. The Greek entrepreneur Epaminondas Empeirikos is said to be charging around 770,000 dollars a day, which can bring in almost 18 million dollars for a typical 23-day voyage. Shipowner Maria Angelicoussis is also reportedly charging significantly higher prices than before the crisis.
Risky tactics on the high seas
The ships' strategy is simple, but risky. For example, tracking systems are sometimes switched off during the passage in order to confuse potential attackers. However, this also makes the tankers more difficult to locate for allies or rescue forces.
Armed security forces are also to be deployed on board. The background to this are attacks with drones, such as Iranian Shahed models, which have been used several times during the conflict.
Growing criticism from sailors
However, the risky voyages are causing growing resistance among seafarers. According to the report, Greek seafarers' unions are talking about so-called "death papers".
According to this, crews would have to sign before entering dangerous sea areas that they have been informed of all risks and will remain on board voluntarily.
In return, they would be promised multiple salaries and bonus payments. Nevertheless, several crews have recently refused to sign. Many seafarers felt left alone by shipowners and politicians.
