CRUCIAL QUOTE
“Greece has a tradition of breaking blockades since antiquity. I don’t want to go into more details, but I believe the hints are enough to understand what I mean,” Prokopiou said.
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WHAT TO WATCH FOR
If Iran formally acknowledges holding the Kavomaleas and what conditions, if any, it sets for the crew’s release or the vessel’s return.
BIG NUMBER
3. If the Kavomaleas has been captured, it would be the third such vessel to have been taken by the Iranians since the start of the U.S.-Israeli war with Iran. Two container ships operated by shipping company MSC were seized in April and its ships and crews have reportedly still not been released.
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Key background
The Strait of Hormuz shipping channel, through which a significant portion of the world’s oil flows, has been blocked by Iran since attacks on the country began at the end of February. Disagreements over control of the Strait of Hormuz—which was an open international waterway prior to the start of the conflict—is driving ongoing hostilities and have repeatedly derailed negotiations. The Pentagon is seeking an additional $67 billion in immediate additional funding for the war, Defense Secretary Pete Hegseth told Congress on Tuesday, and estimated the war has cost the U.S. $37.5 billion total.
FORBES VALUATION
Prokopiou, worth an estimated $4.7 billion as the fifth richest person in Greece, built his fortune through three Greek shipping companies: Dynacom, which he founded in 1991; Sea Traders, founded in 1974; and Dynagas, founded in 2004. The firms collectively operate 102 tankers, dry bulk cargo ships and liquefied natural gas carriers.
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further reading
ForbesTrump Says U.S. Will Bomb Key Infrastructure ‘Any Time’ Iran Shoots At Ships In Strait Of HormuzBy Sara DornForbesWhat Is Iran’s Pickaxe Mountain? Trump Threatens Bombing There ‘Pretty Soon’By Sara DornForbesPentagon Denies Hiding Injury Stats—After Report Dozens Were Hurt In Undisclosed Iran StrikesBy Sara Dorn