Billionaire sends his ships through deadly Strait of Hormuz despite Iran's sink threat

Crews have allegedly been instructed to switch off their tracking transponders before entering the area, making the vessels harder to detect during the passage.

Ship‑tracking websites show the tankers disappearing from view as they approach the strait and reappearing once they emerge on the other side.

The practice has been condemned by the International Transport Workers’ Federation, which said shipowners should not force crews to take unnecessary risks.

The strategy has not been limited to tankers carrying cargo. Even empty vessels have been making the journey.

One such ship, the Athina, a 72,000‑tonne tanker, appears to have crossed the strait without cargo on Saturday night before loading oil in Bahrain and departing two days later.

It remained active in the Gulf on Friday while heading east toward the strait, according to VesselFinder.

Another vessel, the Pola, a 150,000‑tonne tanker and one of the largest ships capable of using the Suez Canal, has also made the passage, Kpler data shows.

Mr Prokopiou, 79, has long been a controversial figure in global shipping.

After Russia’s invasion of Ukraine, he argued sanctions had historically failed to change behaviour.

Ukraine later added Dynacom to its list of “international sponsors of war”, although the designation was subsequently withdrawn.

His decision to continue operating through the Strait of Hormuz comes despite Iran declaring the trade route closed during the current conflict and warning vessels could be attacked.

At least nine cargo ships have been struck in the region since hostilities escalated, with three seafarers reported killed.

Freight rates for tankers willing to make the journey have surged, reflecting the heightened danger.

Vessels travelling through the strait to China are now earning around $500,000 (£374,000) per day, according to Argus Media.

Ana Subasic, a maritime analyst, said Dynacom tankers, along with a small number of “shadow fleet” vessels carrying Iranian oil, appear to be among the only ships still using the route.

“The Dynacom tankers and a handful of shadow fleet vessels appear to be the only ones continuing to transit the strait,” she said.

She added the company would likely have had to secure “unique” insurance arrangements to continue operating while most insurers refuse to provide cover under current conditions.

“Other shipping lines are unlikely to follow because most insurers would baulk at offering cover under those terms,” she said.

Ms Subasic also noted the US is examining options to help restore insurance support for Gulf shipments, although no immediate solution has been found.

She expects the waterway to remain closed for at least four weeks.

Stephen Cotton, general secretary of the International Transport Workers’ Federation, said seafarers already have agreements allowing them to refuse voyages into the area due to the danger.

“The risk to life for seafarers in the Strait of Hormuz is real and present and seafarers have already been killed,” he said.

“It is alarming to hear that companies are choosing to sail and put seafarers’ lives at risk. No worker should have to risk being killed or maimed simply for doing their job.”

On Thursday, the ITF and major shipping companies agreed to designate the strait a “warlike operations area”, triggering enhanced protections for crews.

This includes a 100 per cent bonus for those who choose to sail through it, as well as double compensation in the event of death or disability caused by an attack.

Mr Prokopiou’s three shipping companies operate a combined fleet of more than 150 vessels, with more ships under construction.

The tycoon also owns a 106.5‑metre mega‑yacht, Dream, moored near Athens, as well as a portfolio of real estate developments, including Greece’s only Four Seasons hotel and a nearby marina project.

Despite his wealth, he is said to drive an ageing Mercedes‑Benz G‑Class and is known for avoiding personal bodyguards.

Dynacom Tankers was contacted for comment.

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