Greeks top of shipping orders

Greek-owned shipping companies made investments in new and used ships of the order of 27 billion dollars last year, as they invest in the renewal of the Greek-owned fleet. No other nationality made a greater investment in 2023.

Investments in newbuilds contracted by Greek-owned companies in 2023 amounted to 267 ships and are the second highest in history, after the 388 ships ordered in 2013, while in value they amount to $18.1 billion, according to data from shipbroker Clarksons.

At the same time, Greek-owned shipping companies bought another 235 ships from the secondary market, according to data from shipping brokerage Allied Quantum Sea. Other shipping sources estimate that the value of these second-hand ships purchased by Greek shipping interests amounts to $9 billion.

Greek shippers also proceeded with sales of approximately 270 of their older ships, collecting a cumulative sum of around $7 billion. That income largely financed the equity participations in the above investments.

Greek orders for new oceangoing ships increased 60% in comparison with 2022 and has catapulted Greek-owned shipping companies to the top spot in the world, surpassing Japanese and Chinese companies that in previous years saw themselves in prime positions at shipyards. According to Clarksons, both Chinese and Japanese companies reduced their orders compared to the previous year. Therefore, the orders of Greek interests at shipyards in 2023 represent 16% of the total orders of $115 billion committed worldwide by owners in shipbuilding projects.

The bulk of the Greek orders, totaling 26.6 million dwt in capacity, were directed to tankers and, secondarily, cargo vessels. It is typical that of the 26.6 dwt, 15 million are tankers.

The great increase in Greek investments in newbuilds came against the decrease of 11% in Japanese investments ($16.3 billion) and 34% in Chinese investments ($15.8 billion). From this perspective, Europe surpassed Asia for the first time since 2018 in investments in new ships, setting the balance at $53.6 billion against $45.6 billion respectively. Clarksons analyst Stephen Gordon argues Greek shipping interests have room to further increase their investments in newbuilds.