Greek shipowners ordered the construction of over 120 ships in the first half of 2024

According to an analysis by Xclusiv Shipbrokers, Greek shipowners placed 121 orders for tankers, gas carriers, freighters and container ships.

In detail:

– 65 orders in 2024 for tankers (Suezmax sector is their main preference with 18 orders)

– 31 orders for gas carriers, 20 orders in the current year so far (16 of the 20 orders are for the Kamsarmax sector)

– 20 orders for freighters, of which 16 of the 20 orders are for the Kamsarmax sector and only five orders for container ships.

The general picture for shipbuilding orders is as follows:

Bulk carriers:

The current order book to the existing fleet ratio in terms of DWT stands at 9.4%, compared to 7.4% in the same period in 2023.

Greek shipowners ordered the construction of over 120 ships in the first half of 2024.

So far, 205 ships have been delivered within 2024, and 278 ships are due to be delivered by the end of the year. The new 2024 additions increased the percentage of ships in the 0-5 age group (in January 2024, it was 17%, and now it is 19%) and lowered the average age by one year (in January 2024, the average age was 13, while in June 2024 it was 12 years old).

In the first six months of 2024, 192 orders were placed, representing approximately 15.5% of the total order book for bulk carriers. During the same period in 2023, 197 contracts were signed.

Tankers:

The current order book to the existing fleet ratio in terms of DWT stands at 10.8%, compared to 4.8% in June 2023.

By 2024, 54 tankers have been delivered, while another 85 vessels are scheduled to be delivered by the end of 2024. The current average age of the tanker fleet is 13 years. The MR1 sector has the oldest fleet compared to the other tanker sectors, as the average age of MR1s is 16 years.

In the first half of 2024, 263 tankers have been ordered, accounting for 31% of the total tanker order book. By the first half of 2023, 168 tankers had been ordered.

Containers:

The current ratio of the order book to the existing fleet in TEU terms is 19.2%, compared to 28% in the same period of 2023.

Two hundred sixty-four container ships have already been delivered within 2024, while another 229 ships will be added to the active service in the second half of 2024. From January to June 2024, the average age of the active fleet decreased by one year (in January 2024, the average age was 15 years, while in June 2024, it was 14 years).

In 2024, 63 new orders have been placed, representing almost 9.5% of the total container order book. During the same period in 2023, 91 contracts were signed.

Gas Carriers:

Today’s order book-to-fleet ratio of carrying capacity in cubic metres stands at 47%, compared to 42.5% in June 2023.

Fifty-eight vessels were delivered in the first half of 2024, and 78 vessels are scheduled to be delivered in the second half of this year.

In the first half of 2024, 134 contracts were signed, representing approximately 23% of the total natural gas order. This is a significant increase compared to the corresponding period in 2023, when just 67 vessels were ordered.

Menas Tsamopoulos is a columnist for New Money. Translated by Paul Antonopoulos. 

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