According to a recent Petrofin Research survey, Greek shipping remains a leading global force, though it is navigating a period of strategic change and restraint. The industry is consolidating, with a shift away from smaller companies toward a dominance of larger fleets.
Fleet Consolidation and Composition
The number of Greek-controlled shipping companies has slightly decreased, a trend that reflects ongoing consolidation. Companies with one or two vessels are in sharp decline, while those with fleets of more than 25 vessels are increasing and now control almost 69% of the Greek-controlled fleet. The dry bulk carrier sector remains the backbone of Greek shipping, with 2,921 ships, an increase of 128 vessels. The tanker fleet also grew to 1,004 vessels. While the number of containerships remained stable, the top 10 Greek shipowners significantly expanded their presence in this sector. The LNG carrier fleet also saw an addition of six vessels.
Slowdown in Growth and Market Challenges
The survey indicates a slowdown in the Greek fleet’s annual growth rate, which has dropped to 4% from 7% in the previous decade. This trend is also observed globally. The slowdown is attributed to several factors:
- Geopolitical tensions in Ukraine and the Middle East.
- Economic uncertainty and trade restrictions.
- Stricter emissions regulations.
- Uncertainty about future fuels.
- High interest rates in the United States, which have tightened liquidity.
Future Outlook and Strategic Caution
Despite these challenges, Greece leads the world in orders for “eco” ships. However, most of these orders are for conventional designs with scrubbers, with only a small fraction representing truly “purely green” solutions. The survey notes that Greek shipowners are adopting a “strategic caution” and a “wait-and-see” approach for 2025. This hesitation is being influenced by pressure from new EU emissions regulations and a new U.S. trade doctrine.
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Source: Tovima
