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Tankers top value in $61bn Greek shipping fleet

Tankers are the most valuable sector for Greece, worth $61.03bn according to VesselsValue (VV) which has just “taken a look at the Greek fleet”.

David Glass, Greece Correspondent

February 14, 2023

3 Min Read
Front view of tanker at sea
File photo of tankerPhoto: AdobeStock

In terms of numbers, bulkers are the most popular vessels within the Greek fleet, with a total of 2,272 vessels, followed by tankers with 1,450 vessels and container ships with 430 ships.

Breaking down the Greek fleet by vessel type, top owning nations, S&P transactions, top Greek owners, CII distribution and the most valuable Greek vessels, VesselsValue draws attention to the value of the tankers pointing out the sector has recently seen extraordinary increases in values, which have hit 13 year highs over the last year.

The price of a 15-year old aframax of 110,000 dwt has surged by 144% year-on-year from $16.17m to $39.43m. “This is due to improved demand fundamentals and increased opportunities that have resulted from the ongoing conflict between the Ukraine and Russia,” says VasselsValue.

Despite a relatively small fleet of 127 vessels, soaring global demand for LNG has sent the value of this fleet sky high, with the fleet value for LNG carriers at $30.5bn.

According to VV’s data, of the top owning nations, the Greek fleet ranks third globally. This is both in number of vessels and total value, comprising of 4,709 vessels live and on order and a total value $152.69bn. Overall, Japan tops the total value list with a fleet worth $193.64bn, and China ranks first in terms vessel numbers with a fleet of 7,114 ships.

Related:CII is unfair to all ships: Union of Greek Shipowners

In terms of S&P, Greece was the second top seller of secondhand vessels in 2022, with 428 vessels sold and a total value of $11.7bn. Greece came behind China who sold 532 ships, receiving $12.93bn. Greece was also the second biggest spender in 2022, splashing out $9.77bn on a total of 376 vessels. Once again, Greece trailed behind China who spent $14.92bn on 542 vessels. The UAE ranked third with $5.14bn spent on 271 vessels.

VV Greek table[69].jpg

Looking at fleet values, Maran Gas Maritime, the LNG arm of Greece’s largest group, the Maria Angelicoussis-led Angelicoussis Group, runs a fleet worth  $8.01bn. Additionally, their fleet consists of 22 live vessels and a further 12 on order.

The Angelicoussis group, which also consists of Maran Dry and Maran Tankers combined fleet of over 140 ships aside, the Dinos Martinos-controlled Thenamaris have the largest fleet with 95 vessels both live and on order and a total value of $5.24bn. Tankers make up the majority of Thenamaris trading fleet, accounting for 60% while the remainder consists of bulkers, containers, LNG and LNG carriers.

Maran Tankers came in third with a value of $4.62bn and 56 vessels, followed by Andreas Martinos-led Minerva Maritime with a total value of $4.52bn and 78 vessels. NYSE-listed Tsakos Energy Navigation (TEN) is ranked fifth with a value of $4.1bn and a fleet of 68 vessels.

Related:Greek owners adopt wait and see approach on alternative fuels

Decarbonisation is an increasingly high priority for the Greek shipping community; a large proportion of the Greek owned fleet ranks highly in the new mandatory energy efficiency ratings from the Imo. Over a quarter of the fleet have achieved an estimated CII rating of ‘A’, and 64% of the fleet have received an estimated rating between A-C.

The most valuable Greek owned cargo vessel is the recently delivered Clean Copano (199,830 cu m, July 2022, HHI). Owned by George Procopiou-backed Dynagas, this Large LNG carrier is valued at $286.11m. In the Ferry sector, the most valuable vessel is the ro-pax Blue Star Patmos, owned Blue Star Ferries (18,498 gt, June 2012, DSME) and valued at $63.28m.

About the Author

David Glass

Greece Correspondent

An Australian with over 40 years experience as a journalist and foreign correspondent specialising in political and economic issues, David has lived in Greece for over 30 years and was editor of English language publications for Greek daily newspaper Kathimerini in the 1970s before moving into the Akti Miaouli and reporting on Greek and international shipping.

Managing editor of Naftiliaki Greek Shipping Review and Newsfront Greek Shipping Intelligence, David has been Greek editor for Seatrade for over 25 years.

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