Iran seizes Greek billionaire's tanker in Strait of Hormuz

Topline

Iranian forces appear to have seized a tanker owned by Greek shipping magnate George Prokopiou after striking it in the Strait of Hormuz, part of a wave of attacks that has effectively halted commercial traffic through one of the world's most important oil transit routes.

Key Facts

• The Kavomaleas, a tanker owned by Prokopiou's company Dynacom, was hit by two projectiles off the Omani coast Sunday night, according to the Financial Times, forcing the crew to abandon ship.
• The FT cited European Space Agency satellite images from Tuesday that appeared to show the Kavomaleas with a plume of smoke rising from its engine in Iranian waters. Shipping analysts told the outlet it was "highly likely" the vessel had been captured.
• The Kavomaleas was in the strait to pick up more than 500,000 barrels of oil in the area, per the FT. The company told the outlet another of its ships, the Acheloos, was also hit on Sunday night while carrying 2 million barrels of oil.
• Dynacom, known for taking trades in parts of the world that other companies avoid, has sent at least 10 tankers through the Strait of Hormuz since the route was effectively closed in February following strikes from the U.S. and Israel.
• Prokopiou last month likened his behavior of sailing through contested waters to Greek merchants during the Napoleonic Wars and implied he would not back down despite the ongoing conflict.
• President Donald Trump on Wednesday threatened to bomb a bridge or power plant for each vessel attacked in the Strait of Hormuz going forward, but had not yet specifically commented on the reported capture of the Kavomaleas, which is registered in Malta.

Crucial Quote

"Greece has a tradition of breaking blockades since antiquity. I don't want to go into more details, but I believe the hints are enough to understand what I mean." — George Prokopiou

What to Watch For

• Whether Iran formally acknowledges holding the Kavomaleas
• What conditions, if any, Iran sets for the crew's release or the vessel's return

Big Number

3. If the Kavomaleas has been captured, it would be the third such vessel taken by Iran since the start of the U.S.-Israeli war with Iran. Two container ships operated by shipping company MSC were seized in April, and their ships and crews have reportedly still not been released.

Key Background

The Strait of Hormuz shipping channel—through which a significant portion of the world's oil flows—has been blocked by Iran since attacks on the country began at the end of February. Disagreements over control of the Strait of Hormuz, which was an open international waterway prior to the start of the conflict, are driving ongoing hostilities and have repeatedly derailed negotiations. The Pentagon is seeking an additional $67 billion in immediate funding for the war, Defense Secretary Pete Hegseth told Congress on Tuesday, and estimated the war has cost the U.S. $37.5 billion total.

Forbes Valuation

Prokopiou, worth an estimated $4.7 billion as the fifth richest person in Greece, built his fortune through three Greek shipping companies: Dynacom (founded in 1991), Sea Traders (founded in 1974), and Dynagas (founded in 2004). The firms collectively operate 102 tankers, dry bulk cargo ships, and liquefied natural gas carriers.

Further Reading

• Forbes: Trump Says U.S. Will Bomb Key Infrastructure 'Any Time' Iran Shoots At Ships In Strait Of Hormuz
• Forbes: What Is Iran's Pickaxe Mountain? Trump Threatens Bombing There 'Pretty Soon'
• Forbes: Pentagon Denies Hiding Injury Stats—After Report Dozens Were Hurt In Undisclosed Iran Strikes