A prominent shipping figure has argued that vessel owners would have fared better by simply paying a toll to maintain access through the Strait of Hormuz, rather than facing months of upheaval after the waterway was shut down due to hostilities involving Iran, Israel, and the United States. Evangelos Marinakis, founder and chairman of Capital Maritime & Trading Corp, made this case at the TradeWinds Shipowners Forum held during Posidonia. He contended that a pragmatic approach would have been far superior to a lengthy closure of this critical energy passage.

Read also: Freightos: Strait of Hormuz Reopening Prospects and Freight Rate Trends in May 2026

Marinakis stated that paying a fee was, in his view, clearly preferable to having the strait closed. The Greek shipowner proposed that a structured payment system would have been more logical than the expenses the shipping sector has already incurred through war risk premiums and market chaos. He calculated that the money already spent on transiting the Arabian Gulf and the Red Sea area without an actual war would justify a fee of $100,000 or $150,000, depending on cargo or vessel size.

These remarks come as shipowners, charterers, and energy traders evaluate what a phased reopening of the Gulf passage means for tanker markets after over two months of significant disruption. Marinakis disclosed that Capital Maritime had no direct exposure to the crisis because none of its ships were trading in the region when the conflict escalated. He noted this was not a deliberate strategy beforehand, but once the fighting intensified, the company had no plans to send vessels through the area, emphasizing a reluctance to operate in a war zone.

The group’s stance was bolstered by exceptionally strong freight earnings in other regions. Marinakis observed that the company is benefiting from robust markets and saw little reason to pursue extra profits by putting ships and crews at greater risk. He remarked that when one is already earning substantial sums from current rates, there is no justification for being tempted to earn even more.

While some market players anticipate a sharp freight rally as countries start rebuilding depleted strategic petroleum reserves, Marinakis offered a more cautious forecast. He acknowledged expectations but cautioned against predicting another dramatic price spike like the one seen when the conflict first began. He expressed a sense of frustration and noted that the industry needs to be present in the area, but freight rates may not reach the levels some envision, with recovery likely to be gradual. He argued that energy consumers have already adjusted to reduced supply and higher prices, making a slow rebound more probable than an immediate demand surge. He advised controlling expectations and recognizing that business will return to normal only after stocks are rebuilt over time.

The Capital Maritime chief also discussed broader tanker market fundamentals, highlighting an aging global fleet and a persistent need for replacement vessels. He pointed out that the current world fleet is the oldest seen in decades. This perspective drives Capital Maritime’s recent newbuilding program and fleet renewal efforts. Marinakis said the company has sold a considerable number of secondhand ships over the past three months and is replacing them with more modern tonnage.

Regarding Aponte-Sinokors’ strategy to gain influence in the VLCC market through large-scale acquisitions, Marinakis called it a brilliant move, noting that few business ventures can be executed at that scale with such a large amount of capital.

Beyond market dynamics, Marinakis repeatedly addressed what he views as practical policy failures related to sanctions and the dark fleet. He argued that sanctioned tankers should be incentivized to go directly to recycling yards, rejecting the idea that such a program would reward owners. He stated that the industry would not be helping them but rather helping itself. In his view, removing old and poorly maintained ships from service could significantly benefit freight markets while also cutting environmental and safety risks.

Marinakis also criticized European sanctions policy, asserting that the restrictions have harmed European economies more than Russia, and described the European Union’s sanctions as completely misguided. He reserved his harshest criticism for the continued operation of uninsured and poorly maintained dark fleet vessels near European coastlines, questioning how such a fleet can be allowed to operate alongside island shores.

Despite geopolitical turmoil, sanctions disputes, and ongoing uncertainty about energy flows, Marinakis concluded with a broader message about shipping’s increasing strategic importance. He stated that the role of shipping worldwide has been very important and is now more critical than ever. For governments focused on energy security and supply chains, the message was clear: shipowners should be seen as partners, not just transport providers. In his view, recent crises have only underscored how essential shipping remains to the global economy.

Source: IndexBox Market Intelligence Platform