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Chinese buy up more ships this year than the Greeks

Chinese buy up more ships this year than the Greeks

Athens: As predicted by Seatrade's Greek editor, David Glass, earlier this year Chinese owners are ramping up tonnage to such an extent that they are surpassing their Greek counterparts for the first time this year.
Piraeus shipbroker N.Cotzias's latest figures show that during the first nine months of the year the Chinese acquired a total of 202 second hand ships, costing $2.7bn. While the  Greeks spent more -- $3.4bn - they have bought just 173 ships in the fist three quarters of 2009. 192 of the Chinese ships bought were dry bulk carriers.
Given future demand and Beijing's keenness to see products moved to China on Chinese hulls, many Greek analysts are predicting China's merchant fleet will surpass Greece's as the world's largest in the coming years.
On an international level, a total of 837 ships have been traded, with their aggregate value standing at $11.6 billion, when during the whole of 2008 and despite a very low activity fourth quarter, a total of $30.2 billion had been invested in the second hand market.  [21/10/09]

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