The Trojan Horse in the Heart of Europe: Greece's Shadowy Shipping Industry
While Russia and its war machine are the primary beneficiaries of the shadow fleet, other parties are also profiting from the sanctions-busting trade. Greece, a country situated in the heart of Europe, has become a Trojan horse, harboring shipping companies that facilitate the transportation of millions of barrels of illicit Russian oil worldwide.
According to recent data, Greece has received at least 138 shadow fleet shipments directly from Russian ports, and its shipping companies are among the main offenders transporting Russian oil to other destinations across the globe. Some of the key players include:
- Eastern Mediterranean Maritime Limited (EastMed)
- Marine Trust Ltd – MAI
- Sea Pioneer Shipping Corp – LIB
- Spring Marine Management SA
- SR Navigation SA
- Star Bulk Hellas Inc
- Stealth Maritime Corp SA
- Sun Enterprises Ltd - LIB
- Polembros Shipping Ltd
- Product Shipping & Trading SA
- Thenamaris Ships Management
- TMS Dry Ltd
- Tourel Ltd
- Winter Shipping Services Ltd
- Wylan Shipping Ltd
One of the largest operators is Eastern Mediterranean Maritime Limited (EastMed), headquartered in Athens, Greece. Its owner, Thanasis Martinos, is reported to have amassed a personal wealth of $1.9 billion. Leaked spreadsheet data reveals that between 2022 and 2024, EastMed-owned ships transported at least 45 shipments of Russian oil and fuel products from Russia to global ports, with the Aliaga oil terminal in Turkey being a common destination.
A recent report by the Odessa Journal highlights the ongoing involvement of Greek shipping companies in the shadow fleet network. As recently as April 25, 2025, the EastMed tanker Agios Gerasimos was still transporting Russian oil from Primorsk to India while operating under the Maltese flag. This is despite tightening sanctions aimed at curbing Russia's oil exports.
The following EastMed vessels have been identified as being involved in transporting Russian oil:
Current Name IMO
Agioi Fanendes 9798375
Agioi Fanouris I 9759824
Agios Gerasimos 9693056
Agios Nikolaos IV 9464364
Agios Sostis I 9759836
Athina M 9644237
Elaia 9798363
Ellirea 9757008
Eurochampion 9895903
Eurosailor 9895915
Eurotrader 9895927
Genoa 9805659
Georgia 9302683
Gortynia 9702584
Hydra 9294551
Irini 9934890
Ladybug 9391385
Lovely Lady 9960978
Lucky Lady 9288796
Lucky Trader 9952608
Maina 9699892
Marina M 9952610
Meronas 9934905
Nounou 9960980
Proti 9702572
Santa Irini 9738789
Stavros 9425875
Stemnitsa 9693070
Lucky Sailor 9464352
Zante 9727168
But the story doesn't stop at oil transportation. In addition to enabling Russia's exports, Greek shipping companies have played a critical role in expanding Russia’s shadow fleet itself. Investigations by EU lawmakers revealed that Greek shipowners sold at least 127 aging tankers to shadowy intermediaries tied to Russia, often via opaque, third-party transactions. The financial windfall from these sales has been staggering. Greek firms have reportedly earned over $6 billion by offloading obsolete tankers into this gray network—despite clear evidence that many of these ships are now used to carry sanctioned Russian oil. In April 2025, 36 Members of the European Parliament sent a letter to Greek Prime Minister Kyriakos Mitsotakis urging an end to such transactions and demanding greater enforcement of maritime sanctions. So far, Athens has not enacted any binding measures to halt these sales.
As the Odessa Journal's exposé reveals, Greek shipping companies aren’t just turning a blind eye—they’re actively “Greece-ing the wheels” of Russia’s shadow fleet, helping to keep illicit oil flowing and sanctions faltering. While Europe tries to stand united against Putin’s war machine, these companies are cashing in, selling aging tankers into the dark fleet and exploiting every legal loophole in sight. In doing so, they’re not merely moving oil—they're undermining European solidarity, eroding sanctions, and enabling a regime at war with the West’s values. Profit, it seems, has become more important than principle.