The delivery of fewer newbuildings has led to an aging yet still expanding Greek fleet capacity wise though the number of shipping companies is in steady decline according to a new study of the Greek shipping.
Though Greek owners continue to rule the global roost when fleet size and asset value, due to the unstable market conditions and new regulatory requirements, for the first time in decade on an annual basis in the 12 months to the beginning of March the size of the Greek-controlled fleet recorded a decline year-on-year.
Greece is still by some way the largest shipowning country, but the gap is closing as China’s fleet expansion continues at a rapid rate as it overtakes Japan for the number two position.
Despite Greece’s financial difficulties it remains the dominant player in shipping with its owners successfully playing the market cycles.
Challenges facing Greece and Piraeus, the home of Greek shipping, have become more evident at a time when global maritime clusters around the world are actively working to attract Greek shipowners.
One of the highlights Marintec South America day two was the M&O Partners seminar which shared valuable information about what the major shipowners expect for the future in Brazil.
We are continually reading how the “shipping crisis” seems to have had little impact on Greece shipping, as the community 'bounds along consolidating its standing at the top of most stats on world's fleet. Greek publication Naftiliaki has now added to the mountain of statistics, confirming the country's largest owners have mainly stood their ground, while others have crumbled.
The Union of Greek Shipowners (UGS) expects a mutually agreeable solution between Greece and the European Commission over the institutional framework for the country's shipping industry soon.
Though the rate of growth of the world fleet has slowed over the past seven years it is still considerable, and is often the case when something to do with shipping is in expansion mode, Greek shipowners are among the drivers.