Greek tycoons made a fortune of transporting Russian oil since the Ukraine invasion says a Forbes magazine report.
In an extensive article by Giacomo Tognini entitled “Meet The Greek Shipping Billionaires Getting Rich Off Russian Oil” Forbes names the top Greek tycoons, that include Evangelos Marinakis and George Prokopiou.
Forbes reveals that in June 2022 Greece’s leading shipowners gathered for a conference at the Four Seasons in Vouliagmeni. Coming just three months after Russia invaded Ukraine, the country’s shipowners took an unorthodox view of the war roiling the global economy.
“This is a tragedy for humanity, but at the same time it creates opportunities,” said George Prokopiou, one of the world’s largest tanker owners, according to Forbes.
“We have to be able to take advantage of these opportunities,” added Evangelos Marinakis, the tycoon behind the shipping company Capital Maritime and Trading.
During the same panel, entitled “Greek shipping at the forefront of global trade”, Prokopiou also made a bold prediction: “By the end of the year we will see very, very good markets in all sectors. I am very optimistic. Ships will have much higher prices,” he is quoted as sayong by the magazine.
Greek tycoons climbed the ranks of billionaires due to Russian oil
That prediction came true, helping both Prokopiou, 77, and Marinakis, 56, climb the ranks of billionaires as the value of their ships rose and the size of their empires expanded.
Prokopiou and Marinakis, whose fortunes are $2.6 billion and $3.6 billion respectively, have ordered 123 new ships worth nearly $13 billion by 2022, according to VesselsValue.
Prokopiou’s four shipping companies own 173 tankers, including those under construction, 54 more than in 2021.
These shipping magnates are part of a new generation of Greek billionaires. In total, Forbes estimates that there are now at least 12 shipping billionaires in Greece, more than at any other time in history.
Seven of them make their debut in the ranks of Forbes billionaires. In total their fortunes amount to 32 billion dollars – the equivalent of about 12 percent of the country’s GDP.
These tycoons are the latest in a line of pioneers that trace their origins to iconic figures such as Aristotle Onassis and Stavros Niarchos, who pioneered the global oil tanker trade after World War II and became famous for their glamorous weddings and their way of life.
This younger group has been in the shipping business for decades, but has so far kept a lower profile.
What’s new is that the value of their holdings – particularly tankers – has soared by several billion dollars over the past two years, as the war in Ukraine sent shockwaves through global commodity markets and a race for the large tankers needed to transport oil. worldwide.
In total, companies owned by Greek shipping magnates ordered nearly $200 billion worth of new ships and sold 68 older vessels for nearly $3 billion between January 2022 and March 2024, according to VesselsValue.
Read More: Forbes Uncovers the Greek Tycoons Who Made a Fortune Out of Russian Oil