The Hormuz Sea Channel - 20-22% of the production of crude oil, the global LNG gas per day - is discontinued due to clash in the Middle East rising for a week.
Between many competitors in the business of indecision, billionaire George Prokopiou decided to take the most daring move of his 55 years of tanker business was what added five ships passing the Hormuz Channel over the past week. They are composed of three crude tankers and two ships containing oil-smoking products such as gasoline.
His strategy was based on the willingness of importers to bid the end of the war oil to get it out of the war zone. Or the Gulf Oil Producers hire ships to store crude oil at sea when land capacity runs out. There are oil plants in Iraq and Kuwait that have to reduce production due to the total storage.
"Most of the ship owners stopped shipping until things calmed down. But there are still some reckless, willing to take risks", a marine broker told *FT.
The reward was huge. The shipping rate with oil carriers leaving the Gulf has doubled since the war, up to a record high. According to the Argus Media Energy Service, a super-large raw oil tanker (VLCC) makes a risky voyage across the Channel and travels to Shanghai or Chinese ports can collect about 500,000 dollars a day, not including additional war risk insurance costs.
Get out! President George Prokopiou at an event in Wilhelmshaven, Germany May 5, 2022. Image: Reuters
- Enriched George Prokopiou at an event in Wilhelmshaven, Germany, May 5, 2022. Image:Reuters*
According to sources ofWSJ, Dynacom Tankers of the Prokopiou billionaires are paying a very well-paid salary for sailors to make their way to the port in Saudi Arabia and other oil production waters in the Gulf Area. Ships equipped with armed guards to patrol on deck. They turned off their navigation transmitter to avoid attracting fire from Iran. However, the ships could barely do anything if attacked by missiles, drones, or torpedoes.
The Greek shipping companies together controlled the world's largest tanker fleet, bringing the boss such as Prokopiou power over the oil market. They rent ships so that merchants or companies use crude oil shipping around the world and can be used as floating depots.
Prokopiou billionaire owns more tankers than most other companies do. His three maritime companies had over 150 active ships and about 85 ships were being constructed. Dynacom Tankers alone controls 70 ships, according to EU data.
It wasn't the first time Prokopiou went against the majority when sending the ship through the Hormuz Channel while here became a hot spot of conflict. His ships have remained active on the Russian market in recent months. Although this activity is completely legal, the Western squeeze of sanctions - plus the attractive price on many other routes—has caused the series of Greek ship owners to retreat from last year.
"He's a legend in the industry, of the people who do what we call 'high-level business'", a seaboat broker who used to work with the companies of Prokopiou remarked. This person described "high" as being bold to make transactions, legal transactions, but high risks.
Born in 1946 in a wealthy family in Athens, billionaire George Prokopiou is described as "the humble and addicted". He often appeared with a feature-sword hat and drove an old Mercedes SUV, walking without bodyguards, which was rare among the elites that owned the Greek seaboat.
The style of finding opportunities for profit when you're in danger has helped this 80-year-old man to find huge assets since he bought the first tanker in the early 1970s. Prokopiou founded Dynacom Tankers in 1991 and sealed his own LNG company called Dynagas in New York in 2013.
Forbes estimated his family's property Prokopiou at around $4.7 billion. "If you're not a venturer, you shouldn't be working in shipping", he told the Tradewinds shipping publication in 2014.
Prokopiou spends most of his time for the year on the Dream Super yachts of 106,5 m long, now anchored in the Athens Rhine. In addition to the oilboat business, this billionaire is also known as the "king of Estate" in Greece. Last year, he bought shares in the Four Seasons Astir Palace Hotel - the only property of this luxury hotel corporation in Greece, along with the Vouligmeni yacht dock.
Angelo An (2010) (SJ, FT, Reuters)
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