Hellas: Shipping fleet keeps growing at an all-time high

29.03.2016 | 16:14

Hellenic-owned merchant shipping fleet totaled 4,092 vessels over the course of the past 12 months, up 35 vessels compared with the same period last year, the Greek Shipping Cooperation Committee (GSCC) said in its 29th annual report which tracks data up to February 26th 2016. The London-based Committee said that the data included 347 vessels currently ordered by Greek owners in international shipyards.

Among various ship types, the most interesting trend can be noted in the LNG shipping segment, where there were 22 more ships (54 LNG ships under new building orders), of an addition 1.084 million dwt capacity. Similarly, tankers rose by 8 and 1.5 million tons of dwt, with an additional 106 on order. Moreover, container ships also posted a healthy increase as 17 vessels have been added to the Greek-controlled fleet, while the gain in dwt terms stood at 1.7 million tons. By contrast, dry bulk carriers diminished by 12, but increase by almost 1 million in dwt, while even more worryingly there are currently 112 ships on order by Greek shipping interests.

The Committee said, however, that vessels under the Greek flag fell by 30 to 809 vessels in the same period, with an aggregate capacity of 78.9 million dwt. Still, the Greek flag holds a 20% market share among the whole of the Greek-controlled ocean-going fleet, followed by 18% of the Liberian Registry, 17% of the Marshall Islands Registry, 16% of the Maltese Registry and 10% of the Panamanian Registry. It’s worth noting that Malta gained 61 vessels over the course of the past 12 months, while the Marshall Islands were also among the “winners” adding 20 Greek-owned vessels. As for the Cypriot flag, despite the upgrade efforts of the past few years in terms of quality, has failed to register an increase among Greek owners, now standing at a market share of 6%.

As for the fleet’s average age, it has remained stable, but is still 2.8 years younger than the average global fleet age. In particular, the Greek-owned fleet has an average age of 10 years old, as opposed to 12.8 years of age for the global fleet.