Geopolitical fluidity benefits the historic dominance of Greek shipping on the seas.
The transport of energy commodities is placed at the center of the reshaping of supply chains that began with Russia’s military operation in Ukraine, the transport of American LNG, as well as the recent developments involving the American “takeover” of Venezuela’s energy sector.
At a time when major American energy companies hesitate to return to Venezuela out of fear of domestic backlash, oil traders and tanker market magnates are diving in with force.
Within hours of the arrest of Nicolás Maduro, executives of the trading giants Vitol and Trafigura had begun trying to contact shipowners in Athens, according to a report by the Wall Street Journal.
The traders had a simple question. Could tankers from the vast Greek merchant fleet sail to Venezuela to load oil if President Trump loosened sanctions.
The answer: “We will handle it.”
It is a period of boom for Greek shipowners.
Freight rates and insurance premiums soar
Even on core shipping routes, freight rates for the largest tankers have increased by 90% since the arrest of Maduro, as the market anticipates that there will be more oil for the global fleet to carry.
Shipowners heading to Venezuela charge an additional insurance premium on top of those levels.
Freight rates for medium sized tankers, ideal for transporting oil to American ports, have also surged.
Discussions between shipowners and commodity traders began even before Trump mentioned oil as a motive for the arrest of Maduro.
They triggered a rapid round of deals that positioned some of the boldest Western companies to profit from the opening of Venezuela’s oil market.
Vitol, based in London, and Trafigura in Geneva, quickly secured licenses from Washington allowing them to operate commercially in Venezuela, granting them access while their competitors remain blocked by sanctions.
They agreed to find buyers for Venezuelan crude that, according to the American government, Caracas has granted to it for sale, including initial cargoes worth 250 million dollars each, according to people familiar with the matter.
Trafigura’s first cargo arrived this week in Curaçao and is now waiting to be loaded onto another vessel bound for the final buyer, according to a person familiar with the case and the Facebook page of the Prime Minister of Curaçao.
More barrels are expected to leave Venezuela in the coming weeks on Greek vessels chartered by Vitol and Trafigura, oil traders and shipping executives said.
Other ships are already sailing in to enter the “battle”.
Who is participating – Fortune favors the bold, and the sanctions
Among the tanker shipowners participating are Thenamaris, run by the Martinos family, Okeanis of the Alafouzos family, and TMS Tankers, owned by Georgios Oikonomou.
Even with Washington’s blessing, this trade is not for the faint hearted.
Venezuela’s ports are in poor condition and traders plan to take part of the crude from tankers that stored it offshore the country’s coast, a risky operation.
United Kingdom and European Union sanctions on Venezuela add further complexity, said David Savage, partner at the London law firm HFW.
Claims on Maduro’s debt
Some market participants worry that Venezuela’s creditors could turn against them by claiming the oil or its proceeds.
Traders believe that an executive order from the White House protecting revenues from oil sales provides them with legal cover.
Vitol and Trafigura are in the process of finding buyers for the oil, traders and shipping executives said, expecting that part of it will head to the US Gulf Coast, as well as to storage tanks in the Caribbean and to importers in Europe.
Most of the oil will end up at American refineries, said Department of Energy spokesperson Ben Dietderich.
Oil traders and their tanker partners are all likely to reap a satisfactory profit to offset the risks, traders and executives said, although prices for the oil and the ships remain subject to negotiation.
The shipments could mark the beginning of a flow of exports under American government supervision and managed by European companies accustomed to operating in markets many Western firms avoid.
Venezuela has handed over to the United States up to 50 million barrels of crude, according to Trump.
Value of the oil at 2.4 to 2.8 billion
Analysts say it is difficult to estimate the value of these barrels because China, until recently the main buyer of Venezuela’s oil, purchased at steep discounts, creating a separate, opaque market for the country’s heavy crude.
Based on what traders are likely to offer buyers and where those buyers are located, the barrels are worth about 2.4 to 2.8 billion dollars, according to Argus Media.
On Thursday (15 January 2025), Energy Secretary Chris Wright said the United States has secured prices 30% higher than those at which Venezuelan oil was sold before the arrest of Maduro.
The role of Vitol and Trafigura and ties with Trump
Traders play a vital role in commodity markets, organizing logistics and financing for the transport of crude, metals, and grains between producers, refineries, and consumers.
Vitol and its rival Trafigura are two of the largest in the world.
They are employee owned and have abandoned their prewar roles as major traders of Russian oil, making a return to Venezuela particularly attractive.
Both companies have previously been involved with the US Department of Justice over bribery allegations, including in Latin America.
However, they have worked to present themselves as reliable partners of the American government in energy markets and critical minerals supply chains.
John Addison, one of the two Vitol executives who attended Trump’s meeting on restarting Venezuela’s oil industry, had donated to Trump’s 2024 election campaign.
“We are here to ensure that you will be able to move all this oil around the world at the best possible price, so that the leverage you have over Venezuelans ensures that you get what you want,” he said at the meeting.
“We are working with your administration, Mr President, to bring this Venezuelan oil to the United States,” said Trafigura CEO Richard Holtum.
Chartering Greek owned vessels – The legacy of Onassis and Niarchos
Vitol and Trafigura have their own fleets, but they also charter vessels from specialized tanker owners in Greece and elsewhere. Shipping companies are also accustomed to operating in war zones and other “hot” spots.
The industry’s founding fathers, Aristotle Onassis and Stavros Niarchos, grew wealthy by navigating turbulent oil markets during the geopolitical crises of the 20th century.
Even before Venezuela’s market began to open, freight rates for the largest tankers reached one of the highest levels on record in late November.
A surplus of oil from the United States and producers such as Brazil and Canada has boosted demand for tankers and raised chartering costs, said Anoop Singh, head of research at London based Oil Brokerage.
Western shipowners are reclaiming market share from opaque players behind the “shadow fleet” of tankers that served Venezuela, Russia, and Iran in recent years, said Jerry Kalogiratos, CEO of Athens based Capital Clean Energy Carriers.
American forces have attempted to block these ships near Venezuela and have seized six of them.
“The movement of oil is now taking place in accordance with international regulations, and that requires legitimate tankers,” said Lars Barstad, CEO of Norwegian tanker company Frontline.
Problems in the Black Sea and Ukrainian attacks
The Union of Greek Shipowners demanded an immediate and decisive response from the European Union to attacks against Greek tankers in the Black Sea, stressing that any threat against commercial vessels cannot go without consequences.
The Union’s president, Melina Travlou, issued a particularly harsh statement against the Greek government.
According to her, attacks on commercial ships, primarily Greek and by extension European, go beyond logic, law, and political consistency.
“Commercial vessels operate fully legally, ensuring the import trade and supply chains of the European Union.
Attacks against them constitute a direct undermining of the European position itself.
Commercial shipping is not a battlefield.
Seafarers are civilians.
The European Union must act immediately, in a coordinated and decisive manner, protecting its shipping, its people, and the strategic role it plays for Europe’s prosperity,” Travlou stated.
The blow to Chevron
As emphasized, the consequences of the attacks do not concern Greece alone, but also Kazakhstan.
One of the tankers attacked near Novorossiysk had been chartered by American company Chevron to transport oil from Kazakhstan.
Chevron confirmed that it is aware of incidents involving vessels heading to the terminal of the Caspian Pipeline Consortium (CPC).
The company clarified that one of the tankers was indeed under its charter, that all crew members remain safe, and that the vessel is heading to port.
It is also emphasized that the attack did not affect the operations of the operator of the Tengiz field, Tengizchevroil, in which Chevron holds 50%, ExxonMobil 25%, KazMunayGas 20%, and LUKOIL 5%.
The Ministry of Energy of the Republic of Kazakhstan officially confirmed that on 13 January 2026 incidents occurred in the Black Sea, in the area of the CPC offshore terminal, involving two vessels participating in the export of Kazakh oil.
The future for Greek owned shipping is shaping up to be bright, as it appears to be exploiting geopolitical upheavals to its advantage.
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