With shipbuilders keen to report negotiations “as business concluded” and ship owners usually far more reticent, information can be confusing, especially about penned contracts. But there is no doubt Greeks are once again interested in new buildings and have pushed their way to the front of project holders, despite the debate along Piraeus' Akti Miaouli regarding the benefits of building eco-friendly tonnage against retro-fitting existing ships.
Cash rich Greeks and those which have the backing of their bankers have long been a driving force behind the shipbuilding industry and the present seems to be no different. In the six months to 30 June, according to Newsfront, Greek Shipping Intelligence, Greek interests confirmed orders for some 131 ships. In May alone, 43 ships worth just on $2bn were ordered, and in June, 19 ships worth $1.1bn were contracted, admittedly two heavy months. Not included are a number of multiple ship orders under negotiation, the most interesting being one which could run to 10 container ships of 9,000 teu each, and cost NYSE-listed Costamare Shipping, $800m. Further, there are up to 34 options held in parallel to the firm orders.
Ordering a ship means having to wait for delivery. So to this new ship spree we can add 19 vessels worth $533.7m, which have been purchased by Greek interests off the berth, or before commissioning, in the first six months of the year.
Despite the spurt of activity in the spring and run into summer, the present total orderbook of just on 300 vessels is a fraction of the 690 ships on order end 2010 and the 480 end 2011 and the 370 on order end 2012.
Some 70 ships were delivered by shipbuilders to Greek owners in the first six months of the year, so the rate of ordering is running at double the rate of deliveries. Like the deliveries, the ships being ordered cover most ship-types.
In all some 32 different companies ordered ships, of which 11 have access to funds raised in the equity markets.
The 2013 ordering kicked-off with Greece’s largest owner, John Angelicoussis setting the pace, confirming the group’s gas shipping arm, Maran Gas Maritime had contracted four 174,000 cu m LNG carriers, with options for two more, at Hyundai Samho HI, a deal which could commit another $1.26bn by the Athens-based company.
It lifted Maran’s gas carrying orderbook of 17 ships for delivery by 2016. There was more to come. The period ended with Angelicoussis announcing it had gone to Hyundai’s rival Daewoo and placed a $411.2m order for two LNG carriers with delivery by the second half of 2016. The Hyundai options still stand.
Just to add to the mix, in the first six months of 2013, Greece’s Allied Shipbroking records Greeks have invested $2.2bn on confirmed secondhand purchases, involving 164 ships. This reflects a far greater activity in the s&p ring than any other national group. As well, it’s certain Greeks also comprise the largest chunk of the second most active group of buyers, the “unknown” which has taken 152 ships, for an investment of at least $1.24bn.
