Greek shipowners are investing significantly in liquefied natural gas (LNG) vessels, positioning themselves at the forefront of the growing global LNG market. According to a recent report by maritime consultancy VesselsValue, Greek owners invested approximately $13.8 billion in 59 newly built LNG vessels in 2021 alone.
This investment surge reflects the Greek shipping industry's diversification beyond traditional tanker, bulker, and container assets. Greek owners have also invested in LPG vessels, gas carriers, and carbon dioxide vessels, demonstrating their strategic approach to capitalizing on emerging market trends.
Piraeus-based Capital Ship Management leads the way with a substantial investment in LNG, ammonia, and gas carriers, totalling around $4.7 billion. Other major investors include Athens-based Maran Gas Maritime and Evalend Shipping.
While new-build prices for LNG vessels have reached their highest levels since the 2008 financial crisis, the demand for these vessels remains strong. Due to the increased number of orders, global shipyard capacity and construction periods are under pressure.
VesselsValue's Q4 2024 forecast indicates a mixed outlook for different vessel types until 2027. While demand for LNG/LPG vessels may decline, orders for bulk carriers and tankers are expected to rise.
The report also highlights the impact of geopolitical risks, such as the Houthi attacks in the Red Sea and Bab Al Mandeb Strait, on the shipping industry. While these risks present challenges, they also offer opportunities for growth.
Despite concerns about the Chinese economy and interest rates in OECD countries, the overall outlook for maritime trade and investments remains positive. Increased investment in ports and shipyards, particularly by Arab parties, suggests a bright future for the industry.