BUSINESS

Greek-owned fleet is worth $100 bln

ILIAS BELLOS

TAGS: Shipping

The total value of the Greek-owned merchant fleet is almost $100 billion, according to data compiled by VesselsValue, making it by far the world’s biggest.

The international ship valuation company found that the fleet controlled by Greeks adds up to $99.589 billion, with $36 billion of that concerning tankers, $35.75 billion dry-bulk carriers and $13.5 billion liquefied natural gas (LNG) carriers.

It must be noted that the fleet is burdened by borrowing for acquisitions, which is estimated by market experts to be in excess of 50 percent of the ships’ total value.

The Japanese-controlled fleet ranks second, at $89.122 billion, while the Chinese-owned fleet is third, at $83.544 billion. Those values are based on the figures recorded at the end of 2017 and are significantly higher than the previous year’s equivalents.

“The strong commitment of Greek shipowners in the global shipping markets appears unlikely to change, while others, such as Germany, are liquidating assets. The trend in Chinese ownership is rising as state-owned companies are consolidating and placing new orders. This is a reminder that there are always new suitors for the throne of maximum market value,” VesselsValue argues in a report on the global sector.

China’s share in the global fleet is expected to continue growing in the coming decade across markets and vessel types. The large quantities of crude oil that China imports are now being shipped by its national fleet too, which, combined with the increase in the Asian country’s products exported in containers, serves to support the strong investment activity in such oceangoing vessels.

According to VesselsValue, the merchant fleet that Greek shipowners control amounts to 4,574 ships, of which 50 percent comprises large dry-bulk carriers, 33 percent tankers and 9 percent container ships.

The Greek-owned fleet also includes 75 LNG carriers, 144 liquefied petroleum gas carriers, another 133 small dry-bulk carriers, plus many other vessels utilized by the offshore hydrocarbon drilling industry.

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