Greece Remains at the Top of Shipping Economy

Despite the economic downturn, Greek shipowners have proved once again to be the leaders of global shipping industry. It is worthy to note that they control the 16,25% of global fleet in terms of dwt, while they own the 23,5% and 18,5% of total tankers and bulkers respectively.

2014.02.16 - Greece Remains at the Top of Shipping Economy

During 2013, they have spent nearly $13bn for 275 newbuilding orders estimated at 25% of the global orderbook. More specifically, they invested $4.5bn on 134 bulkers, $4bn for 51 LPG and LNG, $3bn on 65 tankers and $1.6bn on 25 container ships.

These orders, which vary from traditional to modern tonnage segments, strengthened the relationships between Greece and Asia. Chinese banks support these investments as they hold a loan portfolio of $1.5bn, while the 60% of Chinese oil imports is transferred by Greek ships. It is remarkable that the last seven years Greek groups have invested more than $17bn on Chinese shipyards.

Additionally, Greek shipping companies excel in the capital markets by raising funds to support further ship purchases. During the last week, three companies have managed to take nearly $200M.

It is also important to note that the Greek government has tripled the capacity tax on all vessels. The president of the Greek Shipowners Union, Theodoros Veniamis, described the three-year tax that applies to all ships belonging to companies based in Greece, regardless of their flag, as a violation to union’s previous initiative for the optional doubling of the capacity tax. He also expressed his belief that the Greek government will find other more efficient ways to attract revenues such as the introduction of more new vessels to the Greek flag.

Author - John Nikolaou The article is written by John Nikolaou, Financial Analyst at a leading multinational company with passion and enthusiasm for the shipping industry.


  1. Elias Lostrom says:

    As always, instead of making Greece so attractive and secure so as to bring all the shipowners home willingly, the political status quo, which is essentially to blame for the Greek economies meltdown, try to tax their way into health. I still maintain, that the Greek shipping industry could be the saviour of Greece, if only they were treated fairly instead of being viewed as super-rich tax dodgers. I say, more power to them.

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