Melina Travlos, re-elected president of the Union of Greek Shipowners (UGS), emphasized at the UGS annual meeting on February 6 that the Greek ocean shipping industry has contributed 150 billion euros to the country’s balance of payments over the past decade, and that its economic activity generates between 7 and 8 percent annually for the Greek economy.
The Greek shipping industry provides 160,000 jobs directly and indirectly, and its average wage is almost three times the average wage in the private sector. Greek shipowners invest an estimated 1.5 billion euros annually in tourism, energy, real estate, technology, information, sports and other areas. In addition, the Greek shipping community provides humanitarian aid, collectively and individually, through scholarship schemes and support to the needy amounting to some 400 million euros annually.
Travlos noted that Greece owns 20% of the global maritime transportation capacity with 5,700 large vessels, the largest fleet in the world. Greek shipowners account for 25 percent of the world’s liquefied natural gas (LNG) shipping fleet, 30 percent of the tanker fleet, and 25 percent of the dry bulk fleet. At the same time, Greece controls 8.1% of container ships and 8.3% of car carriers.
Over the past year, Greece has ordered a 65% increase in the tonnage of vessels under construction, accounting for 17% of the global order book. Greece is building 589 vessels with a total tonnage of more than 56 million deadweight tons. As far as the EU is concerned, Greece has a dominant shipping share of more than 60%. As Travlos puts it, “With only 0.1% of the global population and 0.2% of global GDP, Greece controls more than 20% of global shipping.”
Travlos emphasized, “This year has been one of the most challenging and at the same time productive periods for our industry, proving our ability to adapt to new conditions and innovate while respecting the traditional values of shipping.”
Despite the pressure from China competing for the top spot among global shipowners, Greek shipowners continue to invest heavily, especially in energy-related sectors. These sectors are growing in importance with recent geopolitical developments.
Greek shipowners led the way in newbuilding activity last year, ordering a total of 113 of the 435 tankers ordered worldwide, according to Veson Nautical. China was second with 75 orders and Singapore was third with 43 orders.
Data for 2024 released by Greece-based Xclusiv Shipbrokers shows that Greek shipowners ordered 127 tankers, down from a multi-year record of 152 in 2023.The main tanker types ordered for 2024 include Suezmax, MR2 and LR1, with 26, 26 and 22 tankers, respectively.
As of December 2024, Greek tanker orders stood at 303 vessels, accounting for about 27% of the 1,125 vessels under construction worldwide. Aframax/LR2 tankers topped the Greek orderbook with 93 ships (33% of Greek orders), followed by Suezmax tankers with 69 vessels (24%). MR2 tankers were third with 48 vs (17%). Greek owners also ordered 38 Panamax/LR1 tankers (13%), 19 small tankers (7%) and 18 VLCCs (6%).