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Lured by profits, some shipowners brave mines and missiles to sneak oil past Iran
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Lured by profits, some shipowners brave mines and missiles to sneak oil past Iran
Mar 13, 2026 9:48 AM

* Iran has vowed to keep the Strait of Hormuz closed

* Iran's military has struck several ships moving through

it

* Trump has encouraged oil tankers to traverse the strait

* US military has declined requests for escorts

By Renee Maltezou and Jonathan Saul

ATHENS, March 13 (Reuters) - A handful of Greek

shipowners have sent crude oil and dry bulk tankers through the

Strait of Hormuz during the U.S.-Israeli war on Iran, risking

destruction from mines, missiles and drones for a chance at

millions of dollars in quick profits.

The voyages reflect the financial allure of soaring crude

oil prices and surging tanker rates since the start of the war,

which has effectively sealed off a fifth of the world's oil and

liquefied natural gas supply from global markets.

U.S. President Donald Trump has urged ships to "show some

guts" and run the strait, although the U.S. military has

declined requests from the shipping industry for escorts through

the waterway because of the risk of attack.

"The risks are huge. But the sea has always been a risky

business," said a Greek shipowner involved in the voyages who

declined to be identified because of the sensitivity of the

trade.

At least 10 ships operated by Greek companies, and at least

two Chinese-operated vessels, have sailed through the strait

between Iran and Oman since U.S. and Israeli strikes began on

February 28, according to data from maritime specialists Lloyd's

List Intelligence and MarineTraffic.

Companies involved include shipping magnate George

Prokopiou's Dynacom, and the Embiricos family's Aeolos

Management, according to six industry sources familiar with the

matter.

Dynacom and Aeolos did not respond to requests for comment.

Iran's military has struck several ships moving through the

narrow channel, vowing to keep it closed and warning that oil

will reach $200 per barrel. At least 16 ships have been

attacked, including Greek-operated vessels hit by drones.

U.S. Defense Secretary Pete Hegseth said on Friday there was

no ​clear evidence that Iran has placed ‌mines in the Strait of

Hormuz, after news reports ⁠suggesting Tehran ​had deployed

about a dozen mines there.

A second Greek shipping source involved in the trade, who

also asked not to be named, described the tense and fraught

sailings in the narrow waterway as "like entering an enemy's

bathtub".

The profits are good, though. Average daily earnings have

surged to the highest levels in six years, with tanker owners

able to earn $500,000 a day for a charter, according to ship

broking data.

Even with huge war insurance costs and higher salaries for

crew members, companies can still make millions of dollars on

each voyage, industry sources familiar with the matter said.

'GAMBLING WITH SEAFARERS' LIVES'

Trump, who is seeking to combat soaring prices caused by the

war, has encouraged oil tankers to traverse the strait.

"These ships should go through the Strait of Hormuz and show

some guts, there's nothing to be afraid of," Trump said,

according to Fox News' Brian Kilmeade, who recounted the

president's remarks during a recent interview.

The White House did not immediately comment.

Trump has said the U.S. Navy will provide escorts through

the strait when needed, but the Navy has told the shipping

industry in regular briefings that the risks are too high for

escorts.

Stephen Cotton, General Secretary of leading seafarers'

union the International Transport Workers' Federation (ITF),

told Reuters that navigating the strait now was a bad idea.

"Sending seafarers through the Strait of Hormuz right now is

sending them into a live war zone," he said.

Tactics deployed by shipowners so far include switching off

AIS ship-tracking transponders in the hope that vessels become

less visible to Iran's military, and travelling at night.

"Reports that some operators are switching off AIS to try

and slip ships through and dodge attacks are extraordinarily

alarming - it's gambling with seafarers' lives," the ITF's

Cotton said.

The voyages are among the most daring by shipowners since

Norwegian-born billionaire John Fredriksen made his fortune in

the "tanker wars" of the 1980s during the Iran-Iraq conflict,

when his vessels risked missile fire to load and then transport

crude oil cargoes from the conflict area.

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