SIMIC

GREECE holds the distinction of being the largest shipowning nation globally, with Greek shipowners commanding an impressive 21 per cent share of the global merchant fleet in terms of deadweight tonnes, reports Hellenic Shipping News.

Over the past decade, the capacity of the Greek merchant fleet, currently comprising 5,520 ships, has grown by a remarkable 50 per cent.



The Greek-owned merchant fleet plays a crucial role in facilitating the transportation of essential goods, accounting for more than 98 per cent of its fleet capacity in terms of tonnage.



This fleet is renowned for its prowess as a cross-trader, efficiently transporting cargoes between third countries.



Greek shipowners primarily specialise in bulk/tramp shipping, which involves the transport of vital commodities such as grain, agricultural products, oil and gas, iron ore, chemicals, coal, fertilisers and forest products.



The market for bulk/tramp shipping operates as an almost perfectly competitive one, with shipowners acting as price-takers, resulting in cost-effective and efficient transport solutions.



Greek shipping has excelled in achieving economies of scale, ensuring that transport costs remain remarkably low to the advantage of end consumers.



On average, Greek-owned vessels are almost twice the size of the global average vessel, with the average size standing at an impressive 81,395 dwt compared to the world average of 45,337 dwt.



This growth in vessel size has contributed to maintaining reasonable transport costs despite the increase in global seaborne trade over the last decades, thereby enhancing living standards worldwide.



Greek shipowners have not only harnessed significant economies of scale but also continue to invest heavily in modern and environmentally-friendly vessels and equipment.



As of April 2023, they have 241 ships on order, amounting to 19 million dwt.



This represents a remarkable 40 per cent increase compared to the previous year's orderbook (173 ships), solidifying Greece's position as a frontrunner in fleet renewal.



In fact, it is estimated that Greek shipowners will take delivery of more than 40 per cent of oil tankers and nearly one out of six LNG carriers currently under construction.



Furthermore, the average age of the Greek-owned fleet, around 10 years, is lower than the global average, which stands at almost 11 years.



This focus on modernisation and environmental performance underscores Greece's ongoing commitment to leading the shipping industry into the future.