Greek billionaire shipowner George Prokopiou has sent at least five tankers through the Strait of Hormuz amid escalating conflict in the Middle East, in a high-risk move as most commercial vessels avoid the strategic waterway.
The decision comes as freight rates surge, with Prokopiou reportedly betting that oil importers will pay significantly higher prices to move cargo from the region.
Armed guards were stationed on deck and tracking systems switched off during the voyages to reduce the risk of attack.
The strategy could prove highly profitable, with charter rates reportedly reaching up to $440,000 per day, around four times pre-war levels.
Nearly 20 per cent of the world’s oil and liquefied natural gas passes through the Strait of Hormuz, the narrow channel between Iran and Oman, making it one of the most critical energy chokepoints globally.
Shipping data cited in market reports showed traffic through the strait has dropped sharply in recent days, with some estimates suggesting a 91 per cent decline in transits at the start of March compared with the same period in February.
Source: Cyprus Mail
