Greek shipowners continue to invest in fleet renewal

By Nikos Roussanoglou

Greek shipowners invested a total of 702.5 million euros in June in the rejuvenation of their fleets, both through the submission of orders for new vessels and through the acquisition of used ones.

According to data from brokerage firm Golden Destiny, a total of 408 million euros was invested in new ship orders, although the actual sum is higher given that this does not include certain orders the amount of which has not been divulged.

In total there were 29 new vessel orders last month, with an emphasis on the tanker market (19 ships). There were also orders for four liquefied natural gas (LNG) carriers.

In the second-hand market, Greek shipowners bought 22 vessels with a total value of 294.5 million euros and a combined estimated capacity 1.47 million deadweight tons (dwt).

In the first half of the year Greek shippers invested a total of 9 billion euros for the acquisition of new vessels and the purchase of used ones.

Data show that the Greek-owned fleet has welcomed a total of 411 new ships in the year to end-June. This concerns 218 new 193 used vessels.

In general, however, activity over the last couple of months on a global basis has shown a decline, following a high investment rate in the first few months of the year.

The drop in May and June is attributed mainly to the delay in the anticipated recovery in the market for chartering rates, especially in dry bulk, as well as to the gradual increase in ship prices.

Even so, in this two-month period of decline in global transactions and new orders, investments remain higher than in the same period last year, according to international data.