Greek fleet shrinks for the first time since 2018

labour day Greek battle ships dock at Piraeus port for public visits over Independence Day

According to statistical data in the 36th annual survey conducted by the London-based Greek Shipping Cooperation Committee (GSCC), the decrease is an insignificant change to the overall Greek-controlled fleet.

As of March 1, Greek interests controlled 4,113 vessels of over 1,000gt, just short of 350m dwt and 204.7m gt. Compared with 2022, this is a decrease of 27 vessels, 5.38m dwt, including 194 vessels on order from shipyards, of just under 15.1m dwt and 12.465m gt. The fleet today is still 15.5m dwt more than in 2018.

According to the data provided by S&P Market Intelligence, the fleet registered under the Greek flag has also decreased and now comprises 499 ships, of 31.39m gt and 53.2m dwt, down from the previous year’s 570 ships, of 35.6m gt and 59.6m dwt.

The Greek-controlled fleet is registered under some 32 flags led by Liberia and the Marshall Islands. In the 12 months, Liberia gained 66 ships, the Marshall Islands 57 and Panama 21 ships. On the other hand, the Maltese, Singaporean, and Hong Kong flags lost 98, eight and seven ships, respectively. Greek flag aside, there were minor changes for all other flags.

The Liberia and Marshall Island flags fly from 1,080 and 1,066 Greek-owned ships. Regarding dwt, Liberia is at 99.17m dwt representing 28.34% and the Marshall Islands at 84m representing 24%, ahead of Malta’s 560 ships of 51m dwt, some 14.56% of the total dwt, ahead of the Greek flag. Panama comes next with 327 ships of 20.5m dwt.

About the order book, currently, there are 43 oil tankers on order for Greek owners, three chemical and products tankers, 64 liquefied gas tankers, 27 ore & bulk carriers, 54 container ships, and three cargo vessels. Notably, Greek companies represent 24.61% of the world tanker fleet, 15.81% of the ore & bulk fleet and 10.45% of the liquified gas fleet.

Overall, the Greek-owned fleet is 6.7% of the world fleet in ships, 13.1% in gt and 15.4% in dwt. The Greek registered fleet as a percentage of the world fleet, in terms of ships, gt, and dwt, is 1%, 2.2% and 2.6%, respectively. It should be noted, however, that for oil tankers, the percentages are 6.3, 6.7 and 6.8%, respectively.

The GSCC notes that “due to the unstable situation in Ukraine/Russia and related challenges and opportunities, as well as the forthcoming regulatory requirements, while the market conditions remained unstable, slight increases and decreases were noted in most of the categories of the Greek-owned fleet”.

In particular, an increase in the Greek fleet as a percentage of the world fleet was recorded for ore & bulk carriers and general cargo carriers. Except for chemical and product tankers and container ships, which increased slightly in terms of dwt, the remaining categories recorded a slight decrease or remained unchanged regarding ships and dwt about the corresponding world fleet type in 2022.

The average age of the Greek-controlled fleet in terms of ships increased slightly compared to the previous year but continues to be below the world fleet average. The average age of the Greek-controlled fleet in terms of ships stands at 12.6 years. Regarding gt and dwt, it is 10.8 and 10.9 years, respectively, against 11.3 and 11.3 of the world fleet. The average age of the Greek flag fleet increased slightly in ship numbers, gt and dwt, at 16.1, 9.5 and 9.3 years, respectively, against 14.2, 10 and 9.7 years in 2022.

Six major international classification societies have the majority of the Greek-controlled fleet on their books led by ClassNK: 802 ships (780 ships in 2022), ABS: 755 ships (808), Lloyd’s Register: 744 ships (773), BV: 719 ships (712), DNV: 592 ships (597) and RINA: 249 ships (237 ships in 2022).