Greece Is Making a Killing Selling Ships to Russia • The world’s largest ship-owning nation is profiting from the sale of aging vessels, while enabling Moscow’s sanctions evasion

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1. [Το πλήρες κείμενο του άρθρου](https://archive.ph/hZ0MS)

   Αποσπάσματα:

   > Since Russia’s invasion of Ukraine, Greece’s mighty shipping sector has continued to earn good money [shipping Russian oil](https://foreignpolicy.com/2022/11/23/how-greek-companies-and-ghost-ships-are-helping-russia/). But Greek shipowners have discovered an apparently even more lucrative source of revenue: selling the ships themselves to mysterious buyers linked to Russia. [One publication has declared](https://www.tradewindsnews.com/tankers/fresh-vlcc-deals-propel-great-greek-tanker-sale-to-new-highs/2-1-1403223?zephr_sso_ott=PcKNtn) that a “Great Greek Tanker Sale” is taking place, and no price seems too high for a secondhand tanker. But the formerly Greek ships are entering a Hades-like shadow economy.

   > Sales began soaring in February 2022, and there’s “demand for tankers, for older tankers across the world, particularly in jurisdictions unencumbered by sanctions against Russia,” [the trade publication TradeWinds explained](https://www.tradewindsnews.com/tankers/fresh-vlcc-deals-propel-great-greek-tanker-sale-to-new-highs/2-1-1403223). In the 12 months since then, Greek owners have [sold some 125 crude and vessel carriers](https://www.tradewindsnews.com/tankers/fresh-vlcc-deals-propel-great-greek-tanker-sale-to-new-highs/2-1-1403223) to the tune of $4 billion. In June, Hellenic Shipping News reported that [Greek companies had sold 97 tankers so far this year](https://www.hellenicshippingnews.com/fewer-deals-in-the-second-hand-market-during-the-second-quarter-of-2023/), 25 percent of the world total.

   > According to figures exclusively provided to me by the consultancy VesselsValue, which tracks ship sales, Greek companies have sold 290 ships since the beginning of the war. Chinese firms are second, with 221 vessels.

   > Companies based in the United Arab Emirates (UAE) have bought the most Greek tankers, followed by buyers in China, Turkey, and India. S&P Global Market Intelligence reports that 2022 saw the creation of an astounding [864 maritime companies with an association or link to Russia](https://www.spglobal.com/marketintelligence/en/mi/research-analysis/russian-shadow-shipping-emerging-new-owners.html). My research assistant, Katherine Camberg, has traced more than two dozen formerly Greek-owned vessels to new owners often so obscure that they even lack a mailing address.

   > Since Russia’s invasion of Ukraine, Dubai has established itself as [“the new Geneva”—in other words, the capital for companies trading Russian oil](https://www.ft.com/content/7ac92047-b306-49d0-9811-ddde5c916dd6). China [has stepped up its Russian oil imports](https://www.themoscowtimes.com/2023/06/20/chinas-russian-oil-imports-highest-since-ukraine-invasion-a81568) since the invasion. [Turkey, too, has increased its imports of Russian oil](https://www.reuters.com/business/energy/turkey-doubles-russian-oil-imports-filling-eu-void-2022-08-22/), and one of the Greek tankers’ known buyers is [Turkey’s BEKS Ship Management & Trading](https://www.tradewindsnews.com/tankers/beks-strikes-again-with-purchase-of-mr-tanker-from-thenamaris/2-1-1262036). Its recently acquired ex-Greek tankers have in recent weeks been seen on the site MarineTraffic.com traveling to and from ports including Russia’s Vysotsk, Kavkaz, and Novorossiysk; Algeria’s Arzew; and Turkey’s Tuzla.

   > India has also [massively increased its Russian oil imports](https://www.reuters.com/business/energy/indias-russian-oil-buying-scales-new-highs-may-trade-2023-06-21/), and the country is home to Gatik Ship Management, one of the suddenly active companies now doing massive business linked to Russian oil.