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On October 4, 41 days after a Chinese shipyard delivered it, the Dynacom-managed tanker Lipsi was hit by a projectile as it crossed the Strait of Hormuz and was left adrift with engine room damage. It was the third tanker managed by George Procopiou’s Dynacom to be hit around Hormuz since July, and the second to be hit about six weeks after delivery: the VLCC Acheloos was struck on the night of July 19 to 20, about six weeks after its own delivery, within hours of a strike on the product tanker Kavomaleas, which was later reported towed toward the Iranian side of the strait. Iran’s new strait authority has since put Kavomaleas and a second Dynacom tanker, Pserimos, on its list of vessels it says broke its transit rules. The crews of all three tankers hit were reported safe. Dynacom kept sailing. By April, Bloomberg was calling it “by far the biggest non-Iranian shipper” through the strait, and on October 2 the Baltic Exchange put a supertanker’s round-trip earnings on the Gulf to China route at $1,221,893 a day. Procopiou gave his reasons in public in June, and he framed them as service and freedom of navigation. This brief sets out what happened to each tanker, what Iran’s Revolutionary Guard and the strait authority have said, what Procopiou has said, what the strait pays and costs, why the record does not show Dynacom being singled out and what it means for tanker owners, charterers, underwriters and compliance officers.
📋 In This Issue:
⚖️ The Story:
What happened to Lipsi, the two tankers hit in July, Iran’s list, what Procopiou has said, what the strait pays and costs, the other vessels hit, the case against this brief and what the record supports
📊 By The Numbers:
The three tankers, the 41 days, the $1,221,893 a day, the war risk premium of up to 10 percent, the two blacklisted tankers and the 6.5 million barrels
🌍 Why It Matters:
What it changes for the tanker owner and broker, the charterer and trader, the marine underwriter and the compliance officer
👀 What To Watch:
Lipsi, the two blacklisted tankers, Iran’s fee bill, the election timetable and the falsifier that would change this brief’s reading
🚨 Gosships Signal:
The owner who keeps sailing, what the strait pays and the bill it has sent him
