EMEA News
Greek Shipping Fleet Grows in 2015 Despite Challenging Markets
Despite difficult market conditions, particularly with dry bulk, and other challenges including poor cash flows and a tougher financing environment, the Greek shipping fleet grew in 2015 by 4.3 percent to 4,909 vessels, Seatrade Maritime reports.
The growth, which occurred over the 12 months to September 2015, also saw a 7.75 percent increase in dwt terms to 325.25m, according to Athens-based Petrofin Research's latest review of the Greek fleet.
Petrofin found that the bulker fleet of vessels over 20,000 dwt has gained 163 units and 19.5m dwt as well as lowered its cumulative age to 8.6 years.
The container ship fleet in the same 20,000 dwt bracket gained 2.9m dwt, while the tanker fleet showed a small tonnage increase and a slight drop in overall age.
Meanwhile, the liquefied natural gas (LNG) fleet added 24 vessels for a total of 74 ships.
Ted Petropoulos founder and head of Petrofin, admits to being caught off guard by the figures: "In light of the continuing Greek political and economic crisis and the huge uncertainty surrounding the future of Greek shipping being operated out of Greece due to the expected increase in taxation, the growth in vessels' capacity and improvement in age comes as a surprise."
He postulated that the growth is due to owners' expectations "that they will reap rewards in time, when conventional tonnage shall either be scrapped or shunned by charterers."
But he added that "behind their brave faces there is worry as to the slowdown of global growth, in particular that of China, and how quickly shipping would return to vessel incomes that would provide a positive return to their committed capital."
In July, it was reported that Greece's financial woes have caused up to a fifth of the country's shipping fleet to be stranded in domestic ports, as capital controls have prevented some shippers from buying fuel.
