Speaking at the Economist’s 30th annual government roundtable in Athens on 8 July, the founder and chairman of Capital Maritime and Trading Corp said his Posidonia proposal had been formally submitted to the US administration.

“I believe this is the right path ahead,” Mr Marinakis said, outlining three reasons behind his proposal.

First, he pointed to the additional war risk premiums paid by shipping companies, regardless of whether an active conflict is taking place in the region, due to the risks associated with trading through the area.

“Right now, the premiums are between one million, two million, three million dollars, depending on the value of the vessel and the cargo. This is a significant expense,” he explained.

“By having a toll and free navigation, we don’t have to pay for war risk premiums,” the shipowner added.

Mr Marinakis also argued that, by ensuring freedom of navigation through such a toll scheme, conflicts could continue without disrupting global trade flows and, consequently, the world economy.

As a result, leaders would face less immediate pressure to secure agreements on issues such as nuclear programmes, democracy and leadership changes, he added.

Third, Mr Marinakis highlighted the challenges facing economies worldwide, particularly in the Far East and Europe, which are already struggling with inflation and higher energy costs, as well as rising prices for goods required in consumers’ daily lives.

“A solution must be found. We’re already in a war for over five months now,” he said.

The owner also revealed that his proposal envisages distributing toll revenues among Arab countries affected by the conflict, Iran, and the US, which would cover part of the significant expenses associated with their ongoing military operations.

“This is a win-win situation for all parties concerned,” Mr Marinakis concluded.

Freight at a premium

Speaking on the same panel, Navios Maritime Partners chairwoman and chief executive Angeliki Frangou focused on the factors reshaping global trade.

“We’re moving from globalisation and efficiency to old-fashioned mercantilism,” she said.

Ms Frangou identified four key factors influencing trade today: national security, geopolitical conflicts, defence spending and artificial intelligence.

The first two factors, she argued, are shifting the global economy away from an efficient, low-cost model towards one characterised by higher inefficiencies.

“Conflicts mean disruptions, and freight being at a premium,” she said.

Mr Marinakis added that the shipping industry has experienced unprecedented conditions over the past six years.

At the same time, he noted that the sector’s role has become increasingly valuable, particularly in energy markets.