Greek Shipping Report

The Greek fleet stands as one of the largest in the world, comprising a substantial portion of the global merchant fleet. Greek-owned vessels account for approximately 20% of the world’s total carrying capacity, highlighting Greece’s significant role in international maritime trade. This considerable presence positions Greece as a major player in the shipping industry, facilitating the transportation of goods across the world’s oceans and supporting global commerce.

Few countries in the world have as deep a historical connection to maritime transportation and shipping as Greece. This centuries-old tradition dates to iconic voyages like Odysseus’ legendary journey across the Mediterranean Sea. Despite a population of only about 10.5 million people and a GDP of approximately $190 billion, Greek shipowners command nearly a fifth of the world’s total maritime carrying capacity.

Greek Shipping is a cornerstone of global maritime trade, as Greek shipowners control:

• 78% of the world’s oil tanker fleet.
• 01% of the world’s bulk carrier fleet.
• 35% of the world’s liquefied natural gas (LNG) fleet.
• 60% of the world’s chemical and oil product tanker fleet.
• 85% of the world’s liquefied petroleum gas (LPG) fleet.
• 33% of the world’s container ship fleet.

The importance of the Greek shipping sector extends beyond its sheer size. It serves as a key pillar of the Greek economy, contributing significantly to the country’s gross domestic product (GDP) and providing employment opportunities for a considerable number of Greeks. The revenue generated by the shipping industry not only boost national economic growth but also sustains numerous livelihoods, fostering prosperity within the Greek workforce.

Despite its prominent status, the Greek shipping industry encounters a series of challenges that shape its operating landscape. Regulatory complexities, both at the international and domestic levels, create a demanding environment for Greek shipowners. Compliance with stringent safety, environmental, and operational standards set by the IMO and other regulatory bodies requires continuous investments in technology and operational practices to ensure adherence to regulations. Moreover, economic uncertainties, such as fluctuating fuel prices and currency exchange rates, pose financial risks to shipping companies, impacting their bottom line and operational efficiencies.

Modern and Secure Vessels

Greek shipowners are committed to investing in state-of-the-art, eco-friendly vessels and equipment. The average age of the Greek-owned fleet stands at 9.99 years, below the global average of 10.28 years.

Ship orders from Greek shipowners have surged to 173 vessels from the prior year’s 104, totaling 17.3 million dwt.

Notably, more than one-third of oil tankers and nearly one in six LNG carriers currently under construction worldwide are destined for Greek ownership.

Moreover, over 27.6% of the tonnage owned by Greek shipowners falls within the purview of the Energy Efficiency Design Index (EEDI) established by the International Maritime Organization (IMO), ensuring heightened energy efficiency for vessels. Greek shipowners are progressively enhancing their fleet with larger, more efficient vessels that yield environmental benefits through economies of scale. Since 2014, the growth in transport capacity (in dwt) of the Greek fleet has outpaced the increase in vessel numbers.

In 2014, the average tonnage capacity of Greek-owned vessels stood at 71,308 dwt, a figure now escalated to 86,247 dwt – nearly double the capacity of the global fleet at 45,020 dwt.

It is worth noting that shipping remains the most efficient mode of commercial transport. Despite a fourfold expansion in global maritime trade over the past five decades, CO2 emissions from shipping have only doubled.

In comparison to other sectors, CO2 emissions from shipping remain notably low, comprising a mere 2.5% of global emissions.

Eco-Conscious Practices

The scenario mirrors not only CO2 emissions but also greenhouse gas (GHG) emissions on the whole. As per indicative data, GHG emissions from international maritime transport within the EU have remained relatively constant as a portion of total emissions from the transportation sector over the past 30 years.

Greek Flag

Ranked as the 8th largest in terms of capacity (dwt), Greece stands as a paramount maritime registry globally, positioning itself among the foremost traditional maritime nations. With 647 vessels (over 1,000 gt) flying the Greek flag and boasting a total capacity of 61.8 million dwt, the Greek registry secures the 2nd rank in the EU.

Greece continues its presence in the White List of the STCW Convention by the IMO and maintains positions in the White Lists of the Paris MoU and Tokyo MoU. Moreover, Greece features in the Qualified Shipping Programs of the U.S. Coast Guard under QUALSHIP 21, and is heralded among the Flag States with exceptional performance records across all categories of the Flag State Performance Table, encompassing IMO convention accreditations, port State control procedures, as articulated by the International Chamber of Shipping (ICS).

In addition to regulatory and economic challenges, the Greek shipping sector also navigates through geopolitical complexities and environmental considerations. Geopolitical tensions, trade disputes, and regional instability can disrupt shipping routes and impact the flow of goods, leading to operational challenges for Greek vessels. Furthermore, the industry faces increasing pressure to adopt environmentally sustainable practices to mitigate its carbon footprint and comply with evolving environmental regulations aimed at reducing emissions and protecting marine ecosystems.

Looking towards the future, the Greek shipping market is expected to continue to grow and follow the innovation path. With technological advancements and digitalization reshaping the maritime industry, Greek shipowners have the opportunity to enhance operational efficiencies, optimize fleet management, and improve sustainability practices. The industry’s longstanding tradition of maritime excellence, coupled with its adaptive approach to change, positions Greek shipping to capitalize on emerging opportunities in the global trade landscape.

In conclusion, the Greek shipping market embodies resilience, innovation, and strategic significance in the world of maritime trade. As the industry navigates through challenges and embraces growth opportunities, Greek shipping remains a cornerstone of the national economy and a driving force behind global maritime connectivity.