The European Union’s regulatory framework could led to shipowners relocating outside the EU, says Greece’s new Shipping and Island Policy Minister, Ioannis Plakiotakis.

Mitsui OSK Lines (MOL) has entered into an agreement to co-own six very large ethane carriers (VLECs) with Reliance Ethane Holding, wholly-owned by Reliance Industries.

Danish shipowner Norden is continuing on a course to become increasingly asset light selling off four bulkers.

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.

Vietnam’s largest state-owned shipping firm is finally ready to be privatised through an initial public offering (IPO) in the middle of the year, according to Vinalines acting ceo Nguyen Canh Tinh. 

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.

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