Greek Tankers, Russian Oil, and Profits of $4 Billion
At least $3.8 billion in earnings have been generated by Greek shipping companies from the transportation of Russian oil over the past three years, despite Western sanctions imposed on Moscow following its invasion of Ukraine. According to a comprehensive study by Financial Times, this significant role is being played by the Greek-owned fleet in the transportation of Russian energy cargoes under the G7’s price cap mechanism.
Top Earning Shipping Companies
At the top of the list is Dynacom Tankers, owned by George Procopiou, which is estimated to have earned around $915 million from transporting Russian oil since July 2023. Olympic Shipping & Management, part of the Onassis Group, follows closely with estimated earnings exceeding $400 million, while Stealth Maritime and Polembros Shipping also feature among the top players in the market, with earnings above $200 million each.
Eight Greek Companies Among Top 20
The Financial Times analysis shows that eight Greek shipping companies are included among the top 20 globally in terms of earnings from transporting Russian oil since the imposition of Western sanctions. The remaining positions are mainly held by Russian state-owned or affiliated energy transportation companies.
High Returns Amid Increased Risk
The attractiveness of this specific trade is explained by the unusually high freight rates. According to shipbrokers cited by Financial Times, the transportation of Russian oil generates earnings that are 30% to 40% higher compared to similar shipments from countries not subject to sanctions. The increased risk translates into a significant economic advantage for owners who choose to operate in this market.
G7’s Price Cap Mechanism
The study highlights that the current G7 regime does not prohibit the transportation of Russian oil, provided that the market price remains below the applicable cap. However, the effectiveness of the mechanism is questioned, as compliance relies heavily on declarations from involved parties and the verification of relevant certificates.
Sanctions and Market Withdrawal
Despite significant economic benefits, some major Greek shipping companies have chosen to scale back or discontinue their activities in the Russian market. TMS Tankers, owned by George Oikonomou, and Thenamaris, owned by Nicolas Martini, significantly reduced or halted their Russian oil transportation operations as early as late 2023, following US sanctions imposed on companies accused of transporting
(Note: The translation is based on the provided Greek text and may not be a direct word-for-word translation. The article has been structured with headings placed throughout to conform to professional news writing standards.)
Original Article: FT: Ελληνικά τάνκερ, ρωσικό πετρέλαιο και κέρδη 4 δισ. δολαρίων στη — Financialreport (Greek) | View English Translation