The sanctions imposed after the invasion of Ukraine in 2022 sent tanker values soaring, benefitting Greek shipping tycoons and minting at least seven new 10-figure fortunes. George Prokopiou and Evangelos Marinakis, two of the biggest owners of tankers in Greece, predicted a surge in the market during a conference in June 2022 and saw their fortunes rise as the value of their ships increased.
This increase in wealth has propelled the number of Greek shipping billionaires to a record high, with at least 12 billionaires now dominating the industry in Greece. These new tycoons are part of a long line of maritime pioneers in the country, but unlike their predecessors, they have kept a lower profile despite their immense success. The value of their holdings, particularly tankers, has soared over the past two years due to global demand for larger tankers needed to transport oil around the world.
Greek shipping firms have ordered new ships worth nearly $200 billion and sold older ships for almost $3 billion between January 2022 and March 2024. These firms have largely benefited from the higher prices for tankers and the increased demand for longer voyages due to the redirection of Russian oil to countries like India and China. The Greeks now control a significant portion of the global crude flows, allowing them to finance new shipbuilding projects and invest in various other industries.
Greek shipping magnates have heavily invested in the global economy, purchasing stakes in soccer teams, TV channels, newspapers, real estate, and luxury yachts. They have expanded their influence beyond the shipping industry, with some even venturing into politics. As the value of their fleets continues to rise, these billionaires have gone on spending sprees and acquired assets in various countries, further solidifying their positions in the international business world.
Despite controversies surrounding some Greek ship owners, such as involvement in attempts to ship oil to sanctioned countries, the Greek shipping industry remains a key player in the global economy. The industry plays a significant role in Greece’s GDP and contributes billions to the country’s economy every year. The favorable tax policies for shipping companies in Greece have attracted wealthy individuals to the industry, allowing them to amass vast fortunes and expand their empires both domestically and internationally.
While the current boom in the shipping industry may not last forever, Greek shipowners are well positioned to weather any market fluctuations. With their investments in new, modern vessels and lucrative deals for shipping Russian oil and LNG, these billionaires are likely to remain major players in the industry for years to come. As long as there are opportunities to make money, Greek shipping firms will continue to capitalize on them, ensuring their continued success in the global maritime trade.
