A latest analysis conducted by S&P Global Market Intelligence for the Greek Shipping Cooperation Committee (GSCC) shows that new ship orders of Greek shipowners have surged, and the number of their fleets has set a record.

Data shows that as of March 2024, the total number of various types of ships controlled by Greece has reached a record high of 4,212, with a total deadweight tonnage of 355 million tons and a total gross tonnage of 208 million GT. Compared with the data from the previous year, the number of ships in the latest year has increased by 102, the deadweight tonnage has increased by 5.99 million tons, and the gross tonnage has increased by 3.91 million GT. These figures do not include the 373 various types of ships under construction, with a total deadweight tonnage of 33.1 million tons and a total gross tonnage of 22.89 million GT.

Data indicates that the number of new orders from Greek shipowners has increased by 50%, which shows that Greek shipowners have greater interest in new technology ships.

In addition, Clarksons also pointed out in its 2023 shipbuilding market review that compared with 2022, the new shipbuilding investment of Greek shipping companies has increased by 60%. Its investment amount of 18 billion U.S. dollars has helped European shipowners surpass Asian shipowners for the first time since 2018. Clarksons stated that in terms of deadweight tonnage, the investment amount of Greece is the highest since 2013.

Greek-controlled fleets (1988 - 2024).

In terms of ship types, the ships ordered by Greek shipowners include 112 oil tankers, 32 chemical & product tankers, 77 liquefied gas carriers, 107 ore & bulk carriers, 35 container ships and 10 cargo ships.

Although the overall data has shown comprehensive growth, the analysis of the changes in various ship types within the fleet composition over the past year indicates that most ship categories in the Greek fleet have experienced increases or decreases.

Calculated by the number of ships and deadweight tonnage, the largest increase is in ore & bulk carriers, with an increase of 96 ships and a total of 8 million deadweight tons. The number of ships and deadweight tonnage of container ships, cargo ships, liquefied gas carriers, and other cargo ships have also increased, which are 12 ships (920,000 deadweight tons), 14 ships (550,000 deadweight tons), 1 ship (300,000 deadweight tons), and 11 ships (420,000 deadweight tons) respectively. The largest decrease is in oil tankers, with a reduction of 12 ships and a total of 3.2 million deadweight tons. Others also include a reduction of 19 chemical & product tankers (990,000 deadweight tons) and a reduction of 1 passenger ship (3,404 deadweight tons).

Compared with the world fleet, the fleet controlled by Greece accounts for 6.7% of the world fleet in terms of the number of ships, 12.9% in terms of gross tonnage, and 15.1% in terms of deadweight tonnage. According to the classification by ship types, the Greek-controlled fleet occupies 23.7% of the world's oil tanker fleet, 16.1% of the world's ore & bulk carrier fleet, and 10.1% of the world's liquefied gas carrier fleet.

Comparison of ship types and quantities between the world fleet and the Greek-controlled fleet.

In terms of ship age, the analysis shows that the average ship age of the Greek-controlled fleet has increased slightly compared to the previous year, but it is still 4.5 years lower than the average ship age of the world fleet.

Currently, the average ship age of the Greek-controlled fleet is 13.7 years, while that of the world fleet is 18.2 years. Calculated by gross tonnage and deadweight tonnage, the average ship age of the Greek fleet is 12.1 years and 12 years respectively, while that of the world fleet is 13.1 years and 12.8 years respectively.

Calculated by the number of ships, the average ship age of the existing Greek fleet has increased slightly. It is currently 15.5 years, compared with 15 years in 2023.

Translated by Gao Xiaotong