Greek supertanker Pinios has transshipped two million barrels of Iraqi crude off Fujairah after exiting the Strait of Hormuz under a new maritime oil transport model.
The vessel, managed by George Procopiou's Dynacom company, was one of only five visible commercial ships to pass through the strategic Hormuz waterway on Sunday, according to a Reuters report citing vessel-tracking data from Kpler and LSEG.
Off the coast of Fujairah in the United Arab Emirates, Pinios transferred its cargo of Basrah crude to another Very Large Crude Carrier, the New Constant. The oil shipment is expected to travel onward to China.
Dynacom did not comment to Reuters regarding the transshipment operation.
The movement of Pinios demonstrates an emerging operational model designed to maintain Persian Gulf crude exports despite regional navigation restrictions. Under this system, shuttle tankers collect oil from Gulf ports, navigate the narrow Strait of Hormuz, and conduct ship-to-ship transfers in safer open waters.
Larger long-haul tankers then take over the cargoes at these offshore transfer zones for the final journey to Asian markets. Industry analysts describe the arrangement as a floating oil bridge that increases demand for available tonnage and directly impacts global tanker freight rates.
Strait of Hormuz Transshipments Expand
Offshore transshipment operations are expanding significantly near Fujairah and in the surrounding Gulf of Oman. Data tracking firm Kpler estimated that about 2.5 million barrels per day will move through such ship-to-ship operations in September, up from 1.4 million barrels per day recorded in August.
The Strait of Hormuz serves as one of the world's most critical maritime chokepoints, connecting oil producers in the Persian Gulf with global energy buyers. Fujairah, located on the eastern coast of the United Arab Emirates outside the chokepoint, has developed into a major commercial hub for bunkering and offshore ship-to-ship transfers.
The case of Pinios highlights growing Greek involvement in this multi-stage shipping model. The strategy relies on short-run feeder vessels crossing the Strait of Hormuz before transferring crude to long-distance supertankers, creating new operating conditions across the global tanker market.
Vessel Specs and Ownership Deal
The newly built Pinios is a supertanker with a deadweight tonnage capacity of approximately 306,000 dwt. Very Large Crude Carriers of this class are capable of transporting up to two million barrels of petroleum per voyage.
Dynacom, owned by Greek shipping tycoon George Procopiou, has linked the newly constructed vessel to a sale agreement with Dubai-based firm Onex DMCC for approximately $200 million.
