Nikos Tsakos: Crew Safety Priority in Strait of Hormuz

Dr. Nikos Tsakos, founder and CEO of Tsakos Energy Navigation (TEN), emphasized that the safety of crews is a priority amidst geopolitical tensions in the Strait of Hormuz. In an interview with Schwab network, he mentioned that approximately 250 million barrels of shipping capacity have been stranded in the area.

Mr. Tsakos alluded to companies that continue to cross the Strait, taking high risks. He estimated that tensions could push oil prices close to $100 a barrel, while the rearrangement of energy trade flows supports the tanker market.