As we enter 2024, active Greek shipowners are making important moves in shipbuilding.According to analysis by Xclusiv Shipbrokers, Greek shipowners have placed a total of 163 orders this year, showing strong activity in various types of vessels.
Oil Tankers Leading the Way
Most of these orders—88 orders (53.9%)—are for oil tankers. This includes:
- 22 MR2 vessels
- 19 Suezmax
- 17 Aframax/LR2
The high demand for oil tankers highlights their ongoing importance in global trade.
Expanding LNG Carrier Orders
Greek shipowners are also investing in liquefied natural gas (LNG) carriers. They have placed 31 orders for LNG vessels, representing 19% of their total orders. This growth shows the increasing need for cleaner energy sources in shipping.
Bulk Carriers and Container Ships
In addition to oil tankers and LNG carriers, Greek shipowners have shown interest in bulk carriers and container ships. They have ordered 27 bulk carriers, which account for 16.5% of total orders, with 18 in the Kamsarmax category. They have also made 17 orders for container ships, representing 10.4% of the total, with 15 for Neo-Panamax vessels.
An Overview of Shipbuilding Activity in 2024
Bulk Carriers: A Growing Segment
The current order book for bulk carriers is at 9.7% of the existing fleet, up from 7.7% a year ago. In the first seven months of 2024, 255 orders have been placed, which is about 20% of the total order book for bulk carriers.
The Ultramax, Kamsarmax, and Newcastlemax sectors lead this segment, with 58, 38, and 17 orders respectively. The Ultramax sector has seen a 50% increase in orders compared to the previous quarter, with the highest order book to fleet ratio at 27.8%.
Oil Tankers: A Promising Horizon
For oil tankers, the order book for 2024 is at 11.8% of the fleet, increasing from 5.5% last year. So far, 356 contracts have been signed—about 38% of the total order book. The main types ordered include MR2, Aframax/LR2, and VLCC vessels. China leads this market with 65% of the orders, followed by South Korea at 16%.
Container Ships: Navigating New Waters
The picture for container ships shows a current capacity at 22.3%, down from 28.3% in 2023. There have been 144 new orders this year, making up nearly 20% of the total container order book. ULCVs, VLCVs, and Neo-Panamaxes are leading with 48, 28, and 27 orders respectively.
LNG: A Growing Demand
In the LNG sector, the current order book ratio is at 46.7% in terms of capacity, up from 42% last July. A total of 153 contracts have been signed in the first seven months of 2024, representing 25% of the total for natural gas, a significant increase from 84 vessels ordered in 2023.
Conclusion
As 2024 progresses, Greek shipowners are establishing themselves as key players in the global shipping industry. Their diverse orders reflect a focus on sustainability with LNG, reliability with bulk carriers, and continued importance in oil transportation. This year demonstrates their commitment to shaping the future of shipping and energy transport.
