"Development of the Greek fleet despite the uncertain global financial and shipping environment has been remarkable," contends ship finance consultancy, Petrofin Research. "Greeks have continued to provide enormous sums as capital for the building of new vessels and for the modernisation of their fleets. It is clear the Greek strategy involves bigger and younger vessels, designed to meet the requirements of charterers, banks and to provide satisfactory economic returns," says Petrofin Research.
With the exception of the tanker sector, all other sector fleets are younger. Tonnage has gone up across all sectors and ship numbers have remained steady.
In comments accompanying its latest annual study of the make-up of the Greek-controlled fleet, Athens-based Petrofin says "market conditions are especially favourable for large owners to grow even bigger” and, indeed, the Ted Petropoulos-led Petrofin anticipates the share of the Greek fleet held top Greek names shall increase further.
Petrofin says the “one area of uncertainty concerns the support of banks towards Greek shipping”.
“As vessel values and cash flows are insufficient for most owners to meet their banking obligations, maintaining the Greek fleet is to an increasing extent reliant on the continuing support of the banks. Thus far, the banks have continued to support Greek owners, as this is also in the banks' own interests," says Petrofin.
"It is largely anticipated, though not supported by the facts, that a shipping recovery is expected in the next couple of years. This is long awaited by owners and banks alike to provide much needed positive cash flow back into shipping and the ability to meet its financial obligations, as well as build up cash reserves," says Petrofin.
Latest research just released by Petrofin reveals overall year-on-year the fleet remained static but tonnage rose by 17.8m dwt or 6.8% with all sectors showing a rise in dwt. Age is down, from 14.7 to 14, despite a slowdown in vessel ordering; using a 20,000 dwt cutoff, average age of the Greek fleet has fallen to 9.83 years.
The tanker fleet age is slightly up due to a slowdown in new orders; the container fleet age is steady whereas that of bulkers has continued to fall.
Most popular sector remains that of dry bulk, but in 2013 this has slightly wavered. This year, 330 owners run 1,736 vessels, compared to 337 owners running 1,727 vessels, whose age is down to 10.3 years, compared to almost 12, last year. Tankers, now occupy 39.46% of the Greek fleet, compared to 37.2% last year.
Tankers over 20,000 dwt are up by 13m dwt and there has been a slight rise in age marking the race for obtaining more vessels. Containers show the same pattern, a rise in tonnage, while a static number of companies run almost 1m dwt more. The age is held at the same levels as in the last two years.
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