Greece’s shipping fleet ranks first in the world in terms of deadweight tonnes (dwt) and third by vessel value, according to recent announcements by UNCTAD and Vessels Value.
The most ships in the world sail under the Greek flag in terms of tonnage. The Greek merchant marine fleet consist of 5,520 ships, having increased by 50% over the past few years.
The Greek merchant fleet accounts for the following in dwt terms globally:
31.27% of the world oil tanker fleet
25.32% of world bulk carriers
22.65% of world Liquefied Natural Gas (LNG) carriers
15.79% of world chemical & product tankers
11.46% of world Liquified Petroleum Gas (LPG) carriers
8.92% of world container ships.
The total value of Greek shipping fleet is estimated at $ 169 billion, placing it in third place globally. In the first place is Japan with a fleet value of $ 206.4 billion, followed by China at $ 204 billion. However, if the Chinese and Hong Kong fleets are combined, then China ranks first globally.
Source: Vessels Value, 2024
As we move forward into 2024, the European shipping sector faces a number of challenges:
Rising interest rates (expected to fall in 2024), are causing more debt service costs to rise. This affects both financing of new vessels as well as rollover and refinancing of existing loans.
Commodity costs, including steel and other metals, have fallen since their COVID highs but continue to fluctuate, making shipbuilding more expensive.
Recent decisions by the European Commission on CO2 emissions tracking and mitigation are increasing the costs of monitoring and remediation. Under EU law, the European shipping industry must achieve full decarbonization by 2050.
Navigator Consulting supports investors in the shipping sector from the perspective of financial and market due diligence, as well as in terms of digital transformation and technology. For further information, please contact us.
Sources:
Union of Greek Shipowners (undated)
Vessels Value: 29 February 2024
UNCTAD Maritime Database: Accessed on 6 March 2024
Kathimerini: 27 February 2024