Greek shipowners have started investing in new and used ships worth $ 9 billion in the last twelve months. They ordered 85 newly built ships with a total tonnage of DWT 13.2 million for shipyards for an amount of $ 5.5 billion, according to information gathered for “K” by the shipping company Golden Destiny. At the same time, according to Allied Shipbroking, they bought another 233 used ships from the secondary market for $ 3.59 billion. They acquired a total of 318 seagoing merchant ships, while, according to Allied, they sold 175 owned vessels for $ 2.55 billion in secondary reuse and another 57 vessels for scrap value.
This intense investment activity is part of the classic cycle of renewal and modernization of the Greek-owned merchant fleet, the largest in the world for another year. Greece remains the country with the largest ship ownership in the world. Although the population of Greece represents only 0.16% of the world population, Greek shipowners own 20.67% of the world tonnage and 54.28% of the tonnage of the European Union. This is noted in the annual report of the Hellenic Shipowners’ Association, emphasizing that Greek shipowners more than doubled the carrying capacity of their fleet in the period 2007-2019. Greek shipowners have invested heavily in new and energy efficient ships, with the average age of the Greek-owned fleet (9.17 years) being lower than the average age of the global fleet (9,
However, the Greek registry lost market share for another year and shrank by 5.7%, to 38 million GT (total capacity), according to data from Lloyd’s List Intelligence at the end of October. The Greek flag does not represent more than one fifth of the Greek fleet. “While the flag has reached historic lows, a new government initiative could give it a chance to recover,” said Lloyd’s List. He recalls that last summer the government introduced legislation that allows shipping companies to employ low-level crews under international trade union agreements, with the aim of restoring the lost competitiveness of the Greek flag.
Particularly aggressive in its investment in acquiring more merchant ships is China, which bought 179 seafarers from the secondary market, while also launching many new shipbuildings. Germany, on the other hand, appears to be a net seller of used ships, with 111 seafarers sold and only 31 bought. used buyers.
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