Iran seizes Greek-owned tanker in blocked Strait of Hormuz

Iranian forces have seized the Kavomaleas, a Malta-registered tanker owned by Greek billionaire George Prokopiou’s Dynacom, after striking the vessel with two projectiles off the Omani coast on Sunday. The attack forced the crew to abandon ship. European Space Agency satellite images from Tuesday show the ship in Iranian waters with smoke rising from its engine, leading shipping analysts to conclude its capture is highly likely.

The Kavomaleas was in the area to load 500,000 barrels of oil. A second Dynacom vessel, the Acheloos, was also hit on Sunday night while carrying 2 million barrels. The twin strikes disrupt significant tanker capacity and highlight the physical danger persisting in the region, even for operators willing to accept extreme risk premiums. Prokopiou’s three shipping companies collectively operate 102 tankers, dry bulk cargo ships and liquefied natural gas carriers.

Prokopiou, worth an estimated $4.7 billion, has built a business model around servicing markets and routes that competitors avoid. He has sent at least 10 tankers through the Strait of Hormuz since it was effectively closed to commercial traffic in February following U.S. and Israeli strikes. Last month, he explicitly compared his operations to Greek merchants breaking blockades during the Napoleonic Wars. "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," Prokopiou said.

The Strait of Hormuz, a critical artery for global oil flows, has been a primary flashpoint driving hostilities and stalling negotiations since the conflict began. The Kavomaleas is the third vessel seized by Iran since the U.S.-Israeli war started. Two container ships operated by MSC were captured in April, and their crews and vessels have still not been released.

The escalating maritime losses are drawing direct threats of retaliation from Washington. President Donald Trump warned on Wednesday that the U.S. would bomb a bridge or power plant for each vessel attacked in the strait going forward. The military buildup carries a steep price tag, with Defense Secretary Pete Hegseth telling Congress on Tuesday that the Pentagon is seeking an immediate $67 billion in additional war funding, on top of the $37.5 billion already spent.