Lured by Profits, Shipowners Risk Mines and Missiles to Smuggle Oil Past Iran
The High-Stakes Journey Through the Strait of Hormuz
A small group of Greek shipowners has taken a bold step by sending crude oil and dry bulk tankers through the Strait of Hormuz during the ongoing conflict between the United States and Israel with Iran. This decision comes with significant risks, including potential destruction from mines, missiles, and drones, but it’s driven by the promise of substantial financial gains.
The war has disrupted a fifth of the world’s oil and liquefied natural gas supply, creating a surge in crude oil prices and tanker rates. This situation has made the Strait of Hormuz an attractive route for those willing to take the risk. Despite the dangers, some shipping companies are capitalizing on this opportunity, hoping to make millions in quick profits.
The Risks Involved
US President Donald Trump has encouraged ships to “show some guts” and navigate through the strait. However, the US military has not provided escorts for these vessels due to the high risk of attack. A Greek shipowner involved in the voyages, who chose to remain anonymous, acknowledged the extreme risks but emphasized that the sea has always been a risky business.
According to data from maritime specialists Lloyd’s List Intelligence and MarineTraffic, at least 10 ships operated by Greek companies and two Chinese-operated vessels have passed through the strait since the US and Israeli strikes began on February 28. Companies such as Dynacom, owned by shipping magnate George Prokopiou, and Aeolos Management, run by the Embiricos family, are among those involved, according to industry sources.
Iranian Attacks and Military Responses
Iran’s military has targeted several ships moving through the narrow channel, vowing to keep it closed and warning that oil prices could reach $200 per barrel. At least 16 ships have been attacked, including Greek-operated vessels hit by drones.
US Defense Secretary Pete Hegseth recently stated there is no clear evidence that Iran has placed mines in the Strait of Hormuz, despite reports suggesting otherwise.
A second Greek shipping source, who also asked not to be named, described the tense sailings in the narrow waterway as “like entering an enemy’s bathtub.”
Financial Incentives
Despite the risks, the financial incentives are substantial. Average daily earnings for tankers have reached their highest levels in six years, with owners able to earn up to $500,000 per day for a charter. Even with high war insurance costs and increased crew salaries, companies can still make millions on each voyage.
Political Encouragement and Concerns
Trump has urged oil tankers to traverse the strait, stating, “These ships should go through the Strait of Hormuz and show some guts, there’s nothing to be afraid of.” However, the White House has not commented further on the matter.
While Trump has claimed the US Navy will provide escorts when needed, the Navy has informed the shipping industry that the risks are too high for such support.
Stephen Cotton, General Secretary of the International Transport Workers’ Federation (ITF), has expressed concerns about sending seafarers into a live war zone. He criticized tactics such as switching off AIS ship-tracking transponders to avoid detection, calling it “gambling with seafarers’ lives.”
Historical Context
These voyages are reminiscent of the daring efforts of Norwegian-born billionaire John Fredriksen during the 1980s “tanker wars” of the Iran-Iraq conflict. His vessels risked missile fire to transport crude oil cargoes from the conflict area, ultimately making a fortune in the process.
