BUSINESS

Perfect timing for Greek shippers

NIKOS ROUSSANOGLOU

TAGS: Shipping

Shipowners from Greece have submitted more than twice as many orders for new vessels as any other country so far this year, making the most of the exceptionally low prices at Asian shipyards, particularly those in South Korea, which have been offering discounts to attract more orders and cover some of their debts.

According to data compiled by VesselsValue, since the start of the year Greek shippers have submitted orders for 36 new vessels, for a total investment of 1.6 billion euros. Given that prices change constantly, they have already reaped a financial benefit, because if they were to submit the same orders today their total cost would come to 1.74 billion euros, almost 140 million euros more. The Greeks have therefore taken advantage of the liquidity they enjoy to place their orders at the right moment.

The data show that Greek shipping firms are behind 30 percent of global orders – for 119 vessels. The US is a distant second with 14 orders and Singapore follows with 10. It should be noted that a large number of the orders from other countries, mainly the US, do not concern cargo vessels but cruise liners.

Lou Kollakis’s Chartworld Shipping stands out from its Greek peers in terms of orders as the company has ordered 14 new ships, of which the 12 are dry-bulk carriers, for a total investment of 286 million euros.
 

Online