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Greek-controlled shipping tonnage hits all-time high

Photo: Marcus Hand Greek owned Navios Devotion in Singapore waters
The strength of the Greek-controlled fleet is at an all-time high, reflecting Greek shipowners' activity in the newbuilding and sale and purchase markets.

The fleet of over 1,000 gt, at mid-March, hit a high both in terms of gross and deadweight tonnage and just eight ships short of the 2018 record in terms of numbers of vessels.

According to data assembled by the GSCC, as of March 10, Greek interests controlled 4,140 vessels of 355.34m dwt and 210.08m gt, an increase of 102 vessels, 4.9m dwt and 4.43m gt in 12 months. The figures include 167 vessels of various categories on order from shipyards, of a total of 16.264m dwt and 11.14m gt.

“Due to Covid-19 related challenges and opportunities, as well as the forthcoming regulatory requirements, while the market conditions remained unstable, slight increases and decreases were noted in most of the categories of the Greek owned fleet,” commented the London-based Greek Shipping Cooperation Committee, (GSCC) when releasing its 35th annual survey of the Greek-controlled fleet.

The fleet is registered under some 28 flags, one less than in 2021. The Greek flagged fleet has decreased in terms of ship numbers, dwt and gt and at mid-March comprised 570 ships, of 35.6m gt and 59.6m dwt as opposed to the previous year’s 584 ships, of 36.623m gt and 62.32m dwt.

Liberia leads the way with 1,014 ships of 90.03m dwt, followed by Marshall Islands, 1,009 ships of 79.76m dwt, Malta 658 ships 62.7m dwt and Greece. Since mid-March 2021 Marshall Islands gained 132 ships, Liberia 83 ships, Cyprus seven and Bahamas two ships.  

On the other hand, decreases were recorded in the number of vessels under the Panamanian, Singaporean and Hong Kong flags. These registries recorded losses of 113, 10 and nine ships, respectively. The number of vessels registered under the Maltese flag remained unchanged.

The newbuilding orderbook stands at 54 oil tankers for Greek owners mid-March, 18 chemical and products tankers, 43 LNG tankers, 17 ore and bulk carriers and 35 container ships.

What is notable is that Greek parent companies represent 26,1% of the world tanker fleet and 15% of the ore and bulk fleet. Overall, the Greek owned fleet stands at 7% of the world fleet in terms of ship numbers, 12.9% in terms of gt and 15.3% in terms of dwt.

The fleet’s average age increased slightly compared to the previous year, but is still 2.4 years below the world average. Average age of the Greek fleet in terms of ships stands at 12.3 years against 14.7 years for the world fleet.

Classification societies ABS, LR, BV, DNV and RINA have the majority of the fleet on their books with ABS and BV making considerable gains in the 12 months under review.