Greek tanker owners bank more than $4bn from shipping Russian oil

Greek tanker owners bank more than $4bn from shipping Russian oil

In the last quarter, Greek shipping companies earned over $4 billion by transporting Russian crude. The haul reflects the sector’s deep involvement in the shadow fleet that moves a large portion of Russia’s oil exports.

Who’s earning the most?

Dynacom Tankers, founded by Greek billionaire George Prokopiou, topped the list of profiting operators. Its fleet was the most active in the Russian oil trade during the period, contributing a significant share of the $4 billion total.

Financial picture

• Greek shipping companies earned almost $4 billion shipping Russian oil in the past three months.
• Over the past three years, the same group has generated almost $4 billion from the same trade.

These figures come from a Financial Times analysis that tracked tanker movements and freight rates linked to Russian crude.

The shadow fleet and its scale

At least 230 vessels from Europe and the United States are now part of Russia’s shadow fleet. Together, they move an estimated 70 % of the country’s oil exports. Russia has invested roughly $2.2 billion to build a fleet that could number between 100 and 600 tankers.

Greek operators are responsible for more than half of the oil volumes shipped by the mainstream fleet from January to October 2025, according to the same source.

Why Greek owners are in the spotlight

Greek shipping companies have long been a major player in global tanker transport. Their deep experience, extensive flag registry options, and flexible chartering practices make them attractive partners for shippers seeking to navigate complex regulatory environments.

However, the sector’s involvement in the Russian oil trade has drawn scrutiny. The combination of high freight rates, the need to comply with evolving sanctions, and the volatility of the shipping market creates a challenging environment for owners and crews alike.

Key risks for crews and operators

• Sanctions compliance – Operators must ensure that their vessels are not flagged or registered in jurisdictions that could trigger sanctions enforcement.
• Market volatility – Freight rates for Russian crude can swing sharply, affecting cargo availability and profitability.
• Operational security – The shadow fleet’s routes sometimes pass through conflict zones, raising safety concerns for crews.

Decision criteria for seafarers and cadets

When evaluating a potential assignment with a Greek-owned tanker, consider the following:

• Check the vessel’s flag and registration to confirm compliance with international sanctions.
• Review the charter party terms for clauses that address political risk and force majeure.
• Assess the ship’s safety record and crew support systems, especially on long‑haul routes that may involve high‑risk areas.
• Verify that the company has a robust compliance program and up‑to‑date training for crew on sanctions awareness.

What this means for the industry

The Greek shipping sector’s earnings from Russian oil underline the economic pull of the trade, even amid sanctions pressure. For shipowners, the high freight rates can offset the costs of compliance and risk management. For crews, the demand for experienced personnel on these routes remains strong, but it also requires a heightened awareness of regulatory and safety issues.

As the global shipping community continues to adapt to geopolitical shifts, Greek operators will likely remain key players in the tanker market. Their ability to navigate sanctions, secure cargoes, and maintain profitability will shape the broader industry’s response to future challenges.

Next steps

Seafarers, cadets, and shipping professionals looking to deepen their understanding of sanctions compliance, tanker operations, and risk assessment should consult the Marine Insight 360 Knowledge Base. The resource offers detailed guides on shipping regulations, crew safety, and market analysis.