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Shadow Fleet Accounts For Majority Of Strait Of Hormuz Transits

Strategic Transits Under Siege

A tanker operated by Greece-based Dynacom Tankers Management exited the Middle East Gulf through the Strait of Hormuz, highlighting limited activity among conventional oil carriers in the region. Transit volumes remain low as geopolitical tensions continue to affect shipping flows through one of the world’s key energy routes.

Mainstream Vs. Shadow Fleet Dynamics

Data from Lloyd’s List Intelligence show that the Malta-flagged suezmax Marathi arrived in India’s Gulf of Kutch on March 26. The vessel had previously transited the strait on February 28 and loaded 1 million barrels of crude from Ras Tanura. Marathi became the 10th non-shadow fleet tanker to exit the strait since March 8, indicating reduced activity among traditional operators.

Control And Revenue Through The ‘Tehran Toll Booth’

Shipping data indicate that part of the traffic is being routed near Iranian-controlled waters around Larak Island. Industry sources describe this route as increasingly influenced by the Islamic Revolutionary Guard Corps. Reports suggest some operators have faced pressure to comply with local conditions, including financial demands, although details vary across sources.

Dynacom’s Navigation Through Uncertain Waters

George Prokopiou said the transit was completed without payment and credited the crew’s actions. Another Dynacom vessel, Pola, has also completed passages through the area, reflecting continued operations despite elevated risks.

Broader Implications For Global Energy Supply

Around 20% of global oil shipments pass through the Strait of Hormuz, making disruptions in the area significant for energy markets. Some vessels have reduced tracking visibility or adjusted routes, while activity linked to non-traditional fleets has increased.

Conclusion

Ongoing tensions in the region continue to affect shipping through key maritime routes. Activity by conventional tanker operators remains limited, while alternative fleets play a larger role in current transit flows. These conditions introduce operational risks and uncertainty for energy transport. Market participants continue to monitor developments that may affect supply flows and pricing.

Robust Cyprus Construction Activity Bolsters Vassilico Cement’s 2025 Performance

Vassilico Cement Works Public Company Ltd reported a net profit of €35.52 million for 2025, supported by strong construction activity in Cyprus. Company profit reached €34.99 million, reflecting higher revenues and improved operating performance.

Domestic Market Growth Driven By Cyprus Construction

Group revenue rose to €152.75 million, while company revenue reached €152.66 million, up 11% year on year. Growth was driven by increased sales volumes in the domestic market, where construction activity remained strong throughout the year.

Enhanced Production Efficiency And Cost Management

Gross profit increased to €50.30 million at group level and €50.21 million at company level, compared with €42.49 million in 2024. The improvement reflects gains in production efficiency and cost control, supported by higher use of alternative fuels and improved electricity efficiency. These measures reduced unit costs while supporting environmental targets.

Executive Insights And Macroeconomic Outlook

Executive Chairman Antonis Antoniou said strong domestic demand supported production volumes, with the company maintaining focus on the local market and managing exports selectively. He added that favorable economic conditions in Cyprus contributed to performance, despite regulatory pressures in Europe and broader geopolitical uncertainty.

Navigating Energy And Regulatory Challenges

Future performance will be influenced by energy market volatility and European climate policy, including carbon pricing and the Carbon Border Adjustment Mechanism. Rising fuel and electricity costs continue to affect energy-intensive industries.

The company is expanding its renewable energy capacity, with a photovoltaic park reaching 16MW and plans for an additional 8MW, subject to grid connection. The investments aim to improve cost stability and energy efficiency.

Shareholder Returns And Strategic Investments

The board approved an interim dividend of €0.15 per share, totaling €10.79 million, on September 25, 2025. A final dividend of €16.55 million, or €0.23 per share, will be proposed. Combined, total dividends amount to €27.34 million, or €0.38 per share.

Management said the company will continue focusing on efficiency, cost control and sustainability as it navigates energy market pressures and regulatory requirements.

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