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Greek shipowner newbuild orderbook grows by over 50%

Photo: Hengli Heavy Industry George Procopiou’s Sea Traders inked a contract for up to 10 bulkers at Hengli Heavy Industries in mid-2023
George Procopiou’s Sea Traders inked a contract for up to 10 bulkers at Hengli Heavy Industries in mid-2023
Greek shipowners have piled on newbuildings contracts over the last 12 months with the orderbook growing by over 50% according to figures published by the London-based Hellenic Shipping Cooperation Committee (GSCC).

The Greek-owned fleet is experiencing steady growth in the number of vessels, deadweight and gross tonnage as highlighted in the latest annual report GSCC report.

Compiled by S&P Global Market Intelligence the annual analysis of the fleet reveals Greek interests now oversee a record-breaking 4,212 vessels across various categories as of 4 March 2024, boasting a total tonnage of 335.2 million dwt and 208.3 million gt marking a significant rise over the last 12 months.

The fleet is 102 vessels larger than it was in March 2023 adding 5.99 million dwt, and 3.91 million gt.

The past year has seen a 50% surge in newbuilding orders, indicating a growing enthusiasm among Greek shipowners for modern vessels. The up-to-date statistics confirm the Greeks have a leading role in keeping shipbuilders busy and have an outstanding orderbook of 373 vessels with a total carrying capacity of a combined tonnage of 33.1 millon dwt and 22.9 million gt.

Liberia and the Marshall Islands top the 32 flags used by the Greek fleet with 1,159  and 1,096 Greek-owned ships, respectively, in their registers. Liberia gained 79 vessels, the Marshall Islands 34, Cyprus 19 and Portugal two.

In tonnage terms, Liberia represents 104.2 million dwt corresponding to 29.3%, and the Marshall Islands 86.4 million dwt , corresponding to 24.3% of the total dwt of the Greek-owned fleet

The Greek flag was the third largest with 496 ships, and totalling 51.7 million dwt, a slight decrease in tonnage terms over the previous year, and 14.5% of the Greek fleet as a whole.

On the other hand, the remaining flags saw a slight decrease in the number of registered vessels, with the Malta flag recording a loss of 23 vessels and the Bahamas eight vessels, while the flags of Panama, Bermuda and the Isle of Man recorded a loss of two vessels each. The number of ships registered under the Greek flag remained the same this year, although there was a slight decrease of 1.07 million dwt and 391,129 gt respectively.

The total number of ships registered under EU flags stands at 1,278, comprising 30.3% of the Greek fleet, a slight decrease from the previous year.