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On September 14 the Greek trade title Naftika Chronika counted the previous ten days of George Procopiou’s business and found he had shaken hands on the construction of 20 vessels, at Chinese and South Korean yards, for what it called the deafening sum of three billion dollars. Among them were four liquefied natural gas carriers at Samsung Heavy Industries at 1.1 billion, a figure that outlet hedges to market sources. Now set that against what he said two years earlier. At the 9th Capital Link Maritime Leaders Summit in Athens on June 3, 2024, reported the next day in Greek by Minas Tsamopoulos of newmoney.gr, he said he was the man who had ordered 88 new vessels at a cost of seven billion dollars, that he had done it, and that from here on he was saying no more. Definitely no more vessels. He has given a count of his own programme three times since. At the ELINT new year cake cutting at the Piraeus Marine Club in February 2025, Naftika Chronika reported him saying the group would have 240 of its vessels on the water by the close of 2027. At Maritime Cyprus last October, in remarks newmoney.gr published on the tenth, he put it flatly: some have 15 vessels on order, he has 103. And accepting an award in Athens on November 20, in a speech published as a full transcript, he said that after 25 years they had ordered in China 160 vessels and taken delivery of 85. None of those four numbers matches any other and none of them is wrong, because each answers a different question. Between the second and the third of them, Splash247 reported figures attributed to Dynacom’s own website putting 53 vessels under construction, 35 fewer than the 88 he had given a year before, and nobody has published the bridge. Underneath all of it sits a trap this desk has not seen named anywhere. A single contract for 12 crude carriers at Hudong-Zhonghua was reported as news in January and again in June, so any running total built from press reports across both dates carries roughly 1.4 billion dollars twice, and the working behind the 12 billion now circulating has never been published. Twenty vessels in ten days, from a man who told a conference he was finished. Nobody can tell you how many he has on order, and that includes him.
📋 In This Issue:
⚖️ The Story:
The four counts he has given and what each one measures, the 1.4 billion dollar order the market has counted twice, the 35 vessel gap between his own website and a research house four months apart, where the 12 billion dollar figure comes from and what it covers, who actually says what the vessels cost, where he ranks with the denominator stated and the serious case that he is right to be doing this
📊 By The Numbers:
The 88 and the seven billion he gave himself, the 240 by 2027, the 103, the 160 and the 85, the 53 on his own website, the order counted twice and the 36 years it takes the old fleet to clear
🌍 Why It Matters:
What it changes for the owner deciding whether to order now, the charterer covering 2029, the marine underwriter pricing a programme nobody can count and anyone quoting the 12 billion dollar figure
👀 What To Watch:
Whether he counts again, whether anyone reconciles the counts, the 2028 delivery slate, the scrapping line and the falsifier that would break this brief
🚨 Gosships Signal:
Four counts, one man, 18 months. The market has been trading around estimates of the difference
