In March, a number of analytical resources from European countries recalled that since 2022, Greek shipowners have launched a campaign to resell large-tonnage tankers that transported Russian cargo, but key corporations from this country still play a significant role in the Russian shadow fleet.
Among the notorious “leaders” in operating tankers that transported hundreds of thousands and even millions of tons of Russian oil in 2025, “Dynacom Tankers Management Ltd”, “Minerva Marine Inc”, “Polembros Shipping Ltd”, “Kyklades Maritime Corp”, “New Shipping Ltd-Lib”, “Stealth Maritime Corp SA”, “Marine Trust Ltd-Mai”, “Star Marine Management Inc”, “Eurotankers Inc” and “SR Navigation SA” should be mentioned.
At the same time, despite numerous investigations that directly prove the violation of sanctions by literally dozens of tankers of these structures, they not only bypass the sanctions lists, but also remain significant lobbyists for the Kremlin’s interests in the European Union.
For example, last year it was proven that the Athenian company “Dynacom Tankers Management Ltd” operated the tanker “Eleni”, with IMO number 9432062, to transfer oil from Ust-Luga to the Indian port of Paradip, and the tanker’s crew was formed for this, including with the participation of Russian-controlled Crimean crewing agencies, such as “Sydyma”.
“Dynacom Tankers Management Ltd” or “DTM” IMO number 1527598 was founded in 1991 as a subsidiary of a corporation that originated in 1974, it controls at least 74 tankers and employs over 5,000 seafarers on a regular basis.
“DTM” has two clone companies, one registered in Glyfada, Athens, and the other in Monrovia, Liberia, owned by Greek tycoon George Procopiou, who also controls the structures “Dynagas Ltd” and “Sea Traders S.A”, which control the transportation of LNG and various cargoes by bulk carriers, respectively.
George Procopiou in 2024 had a fortune of 3.7 billion dollars and is trying to invest the income received in the maritime sector in the real estate sector, among other things, he acquired the Greek hotel group “Astir Palace Vouliagmenis” in February 2025. In 2023, he was named Greek Shipping Personality of the Year and later his name was in Lloyd’s List in 14th place in the world in terms of influence in maritime shipping.
At the same time, George Procopiou is distinguished by his public sharp criticism of the reduction in the use of petroleum products as fuel and actively lobbies against the introduction of appropriate decarbonization measures in the IMO and in the regulatory acts of the European Union.
The capital of this tycoon, born in 1946, will be inherited by his four daughters, who are already actively working, just like their husbands, in the maritime business. For example, his daughter Marielena Procopiou now controls the tanker corporation “Akrotiri Tankers”.
Another “leader” among Greek companies that actively participate in the Russian shadow fleet is the Athenian company “Minerva Marine Inc” IMO number 1774869, founded in 1996 and registered in the Marshall Islands, which operates more than 70 vessels.
The founder and beneficiary of the company was the Greek tycoon Andreas J. Martinos, and now the corporation is controlled by his son, Andreas A. Martinos, with a capital of approximately 2 billion euros.
It is noteworthy that other tankers of the same beneficiary, controlled through “Thenamaris Inc”, transport oil products between the USA, Canada and France using “clean” tankers under the flags of Greece and Malta. It was from “Thenamaris Inc” of the Martinos family that “Minerva Marine Inc” was separated at one time.
It is noteworthy that the tankers of “Minerva Marine Inc” mainly used the Maltese flag and the involvement of this corporation in serving the interests of the Russians in recent years has caused negative reactions from the Maltese maritime business.
In September 2025, the Maltese press linked the Martinos family’s business with the corporation “Alkagesta Ltd”, which is controlled by Azerbaijani businessmen Adnan Ahmadzada and Kamran Agayev and is engaged in oil trade in the Mediterranean.
It is also alleged that “Minerva Marine Inc” controls the Liberian company “Rourke Services Ltd”, through which it conducts its own operations.
It is noteworthy that the executive director of “Minerva Marine Inc” is Athanasios J. Martinos, the owner of another maritime corporation “Eastern Mediterranean Maritime Limited”, which controls 74 tankers; thus, in the relevant business, its closure with the “wider family” Martinos is clearly traced. Moreover, it was Athanasios J. Martinos who previously headed the above-mentioned “Astir Palace Vouliagmenis”, which was later sold to the Procopiou clan.
It is noteworthy that the subsidiaries of “Minerva Marine Inc” are not only on the Greek islands of Chios and Kalymnos, but also in Manila and Odesa, where they act as crewing companies. In Odessa, the subsidiary of “Minerva Marine Inc” is “Minerva Manning Agency” established in 2007, code 35357983, with director Lilia Gunduz. Another Greek corporation, firmly connected with the Russian tanker fleet, is the Athenian “Polembros Shipping Ltd”, founded in 1974, which currently owns dozens of tankers.
For half a century of this company’s activity, it was owned by Spyros M. Polemis from the Andros shipowner family, and the development of this company took place through the transportation of oil extracted in the North Sea. Therefore, it is not surprising that this corporation is registered in the British city of St. Albans, number 01158957.
The level of influence of this corporation on the global maritime business is evidenced by the election of Spyros M. Polemis in 2006 as the head of the “International Chamber of Shipping” (ICS), and the “International Shipping Federation” (ISF).
At the same time, the corporation “Polembros Shipping Ltd” had a collaboration with the concern “Gunvor”, which ordered tankers from it, let us recall that “Gunvor” has strong ties with the Russian oil business.
However, the late Spyros M. Polemis and his brother Adam Polemis played “Russian roulette” even earlier, literally since the collapse of the USSR.
At that time, the Polemis brothers controlled the Liberian-registered “Springwell Navigation Corporation”, which carried out all sorts of large-scale financial transactions with the accumulated revenues from shipping.
The main bank through which these investments were made was “JPMorgan Chase & Co”, and since 1993, the Polemis family’s funds have been invested in the Russian market of short-term government bonds (“GKO”), Eurobonds, etc. After the 1998 default in Russia, the Polemis brothers lost huge amounts of money on these transactions, sued the aforementioned American bank in London for many years, but as of 2009, they had lost all the processes.
In 2024, Spyros M. Polemis died and control of the corporation passed to his son, Leonidas S. Polemis, while its long-time CEO George Vakirtzis “retired” from the company.
But in addition to “Polembros Shipping Ltd”, the aforementioned Polemis family, namely the aforementioned Adam Polemis, also controls the shipping corporation “New Shipping Ltd-Lib”, registered in Greek Piraeus and in Liberia. This corporation controls up to 15 tankers, and its main area of operation is China.
Given the Polemis family’s strong British connections, it is not surprising that this structure also has an avatar, registered in London under number 11115513. Adam Polemis also operates its own fleet, which transports Russian oil, and through “Stavento Shipowners SA”, registered in Piraeus.
Another Greek corporation closely linked to the activities of the Russian shadow fleet is “Kyklades Maritime Corp”, registered in Piraeus, which controls up to 30 vessels, in total under the flags of Greece and the Marshall Islands. This corporation, founded in 1985, is also a family business and is controlled by the Alafouzos family.
The company was founded by Aristides Alafouzos, who died in 2017, and now the family maritime business is managed by his son Ioannis A. Alafouzos (his name is sometimes written as Yannis or Giannis in English). In this dimension, the much wider declared range of interests of the family, which goes far beyond the maritime sector, is noteworthy.
Back in 1988, Aristides Alafouzos acquired the Greek newspaper “Kathimerini”, which subsequently increased its popularity and influence, and then, by acquiring the radio station “SKY”, the Alafouzos family turned it into the “Skai Group” corporation, which has grown to the level of a significant Greek media group, controlling television channels, radio stations, news web portals and publishing.
After the death of Alafouzos Sr., the corporation “Kathimerini S.A.” and the corresponding media group are controlled by his other son, Themistocles Alafouzos.
At the same time, Ioannis Alafouzos, in addition to “Kyklades Maritime Corp”, controls “Ermis Maritime Corporation” and “Okeanis Eco Tankers Corp”, registered in the Marshall Islands and in Greek Piraeus, which is also involved in the transportation of Russian oil.
In addition to this and participation in the media business, Ioannis Alafouzos has been the president of the Greek football club “Panathinaikos F.C.” since 2012, and in 2022 he was re-elected to this position. At the same time, the aforementioned Adam Polemis is also called one of the shareholders of the said club.
It is noteworthy that the main media scandals in Greece associated with this person and successfully resolved by him did not concern the maritime business, but corruption in football and tax evasion. At the same time, Ioannis Alafouzos was on the board of directors of the “Hellenic Chamber of Shipping”, speaks at maritime forums where he is also skeptical about the prospects for reducing the use of petroleum products as fuel.
Another Greek company actively involved in the transportation of Russian oil is “Stealth Maritime Corp SA”, which owns approximately 50 vessels, most of which are gas carriers, while the tanker fleet has up to 20 pennants, mostly under the flag of Liberia. The company is registered in the Athens suburb of Kifisia, and has a clone registered in Liberia, number C-88190.
The owner of this company is Harry N. Vafias, who controls the “Vafias Group” and at the same time the structure of “StealthGas Inc”, the CEO of “Stealth Maritime Corp SA” is declared Lambros Babilis. Harry N. Vafias is also the chairman of the board of “Imperial Petroleum Inc.”
“Vafias Group” was founded in 1972 by the father of the current owner, Nikolaos Vafias, and already in 2016 controlled over 80 vessels, which it operated under various flags and used primarily Latvian and Filipino seafarers, using various global maritime companies for recruitment, in particular “V. Ships”.
Among others, the gas carrier from “StealthGas” “Eco Wizard” became the “hero” of the incident in July 2025 with an explosion in the port of Ust-Luga.
Another Greek company that operates Russian oil is “Marine Trust Ltd-Mai” registered in Glyfada, Athens, which controls a fleet of up to 20 tankers. The owners of this structure are hidden, and among the key managers we can point to Greek citizens Vassalou Ioanna and Marianna Pynylo. In 2024, Ukrainian sailors were sent to the ships of this company through the Odessa crewing company “Cenmar Ukraine” (“Company Century Marutime Agencies Ukraine”) tax code 37608509.
“Cenmar Ukraine” with director Maksym Karpenko is a subsidiary of the company “Kenilworth Limited” from the Marshall Islands, its ultimate beneficiary is the Greek Bartzis Panagiotis. Panagiotis Bartzis is listed on social networks as the deputy crewing manager at “Marine Trust Ltd”.
“Star Marine Management Inc”, registered in Glyfada, Athens, which operates about ten tankers, its owners are hidden, and the general director is listed as the Greek Leontiadis J. Synesios.
Russian oil was actively transported by tankers and by the company “Eurotankers Inc”, registered in Liberia in 1990, which has its main operating office in Piraeus, Greece and operates a fleet of up to 20 tankers, mainly under the Liberian flag.
The owners of this company are the Greek Gotsis family; a group of tankers of this family, in particular “Eurostrength” and “Euroforce”, in 2023 fell under US sanctions for transporting oil from Venezuela.
This family includes Michail, Elias, Romina and Eugenia Gotsis, the actual beneficiaries of “Eurotankers Inc”, as well as Rodamanthi Gotsis, etc. It is noteworthy that Elias Gotsis is a member of the board of directors of one of the key global marine P&I insurance clubs, namely “American Steamship Owners Mutual Protection and Indemnity Association, Inc” (“The American Club”).
Michail Gotsis and Elias Gotsis also control the Maltese maritime company “Joy Marine Co. Ltd” through the Liberian “Carina Shiowners Inc.” These individuals also allegedly controlled or were associated with the Maltese companies “Castle Marine Co. Ltd”, “Petalon Shipping Company Ltd”, “Fairwiew Navigation Co. Ltd” and “Silver Crown Shipping Co. Ltd”.
It is noteworthy that according to the publications of “TradeWinds” Elias Gotsis and his “Eurotankers Inc” were in litigation with a certain Moscow charterer “Smirnov Group” in 2007 regarding the tanker “Arietis”; it is currently difficult to establish which Russian company was involved due to the lack of specific references in the registers.
In addition to the above companies, in 2025, the Greek company “SR Navigation SA”, registered in Athens with a clone in Panama, IMO number 6204043, which operates a fleet of up to 10 tankers, mainly under the Panamanian flag, was also actively transporting Russian oil. These vessels are also operated through Panamanian companies such as “White Shore Enterprises SA” and “Oceanic Commander Shipping SA”.
The company has repeatedly changed the address of its Greek office, and the only person associated with it in open sources is a Greek citizen Margarita Pantelidis, who was named in 2022 as the head of the company’s department, and in 2024 as its alleged owner.
Thus, Greek shipowners remain a key component of the shadow fleet’s activities. The family-hereditary and closed-in-ownership nature of their business, the wide range of influence in Greek politics and media, as well as in the global maritime infrastructure, the connections of these families in the USA and the UK, make these shipowners extremely resistant to sanctions processes.
At the same time, it is the family nature of this business that makes personal sanctions against individuals – beneficiaries a key factor that may lead to a review of their destructive activities in support of the Kremlin’s oil war machine.
