George Prokopiou doubling his fleet: a closer look at the tycoon’s huge orderbook

Over the past two years, he has made substantial investments in tankers, bulk carriers and LNG carriers, reinforcing his position as a key player in global shipping.

Mr Prokopiou is among a distinguished group of Greek shipowners, including Maria Angelicoussis, Evangelos Marinakis, George Economou, Angeliki Frangou and Kriton Lendoudis, who have signed significant newbuilding contracts in recent years. Notably, Greek ship orders surged to a 10-year high in 2023 in terms of deadweight tonnage. Although the pace slowed slightly in 2024, orders remain at historically significant levels.

Building a ’second’ fleet

Focusing on the leader of the Greek orderbook, Xclusiv Shipbrokers research analyst Eirini Diamantara told Riviera the group of companies led by George Prokopiou is overseeing a newbuilding programme for 88 vessels. Dynacom Tankers currently has 50 ships under construction, while Sea Traders has contracted 30 bulk carriers, and Dynagas is listed with eight LNG carriers.

For comparison, Equasis reports Mr Prokopiou’s existing fleet consists of 64 operational vessels under Dynacom Tankers, five bulk carriers under Sea Traders, and 21 LNG carriers under Dynagas, including six vessels managed by US-listed Dynagas LNG Partners. In total, according to Equasis, his current fleet stands at 91 vessels. In other words, Mr Prokopiou is effectively building a second fleet, nearly matching the scale of his existing one.

A closer look

According to Ms Diamantara, Dynacom Tankers is focusing on large vessels. Of the 50 ships under construction, 16 are Aframax/LR2 tankers, 14 are Suezmaxes, 12 are Panamax/LR1 tankers and eight are VLCCs. A total of 46 ships are being built in China, while four Suezmaxes are under construction in South Korea.

In the dry bulk sector, Mr Prokopiou has opted for Kamsarmaxes and Ultramaxes, avoiding Capesize orders, a trend that has dominated the market in recent years. Xclusiv Shipbrokers data indicates all 26 Kamsarmax bulk carriers and four Ultramaxes are under construction in Chinese shipyards.

Meanwhile, South Korean shipbuilders are constructing the eight LNG carriers ordered by Dynagas. Notably, the company has opted mostly for larger 200,000-m³ vessels rather than the conventional 174,000-m³ size.

Investment strategy

Speaking to Riviera last summer, Dynacom’s sustainability, environmental, energy, performance manager, Evangelos Adam, outlined the group’s strategy for reducing its environmental footprint amid an increasingly complex regulatory landscape.

“A combination of fleet renewal with newbuildings and upgrading active tonnage with available solutions is the way forward for a shipping company,” Mr Adam stated.

He also emphasised the importance of monitoring industry developments, “It comes as no surprise that shipping companies are increasingly creating specialised departments dedicated to tracking vessel performance data and assessing the impact of regulatory frameworks on day-to-day operations,” he added.