SHIPPING

Greek-owned LNG fleet’s value doubles

greek-owned-lng-fleet-s-value-doubles

Greece has bumped its way up from fourth in January this year to third place in the rankings of shipowning nations, according to the VesselsValue Top 10.

China tops the chart, taking over from Japan, which now ranks second. The US has dropped to fourth.

The total value of Greek-owned ships increased from $93.2 billion at the beginning of the year to $145 billion this month. Greece is the largest tanker owner, and although earnings have been lingering at record lows, Greeks have seen increases to spot rates which have brought up values for the entire fleet.

Newbuild values – and hence resale values – have increased between 20-30% across VLCCs, Suezmaxes and Aframaxes since the beginning of the year.

Greeks are also the owners of the most valuable LNG fleet: With current spot rates soaring, the value of their fleet has increased by $2 billion since the beginning of the year. Greece’s bulker fleet has almost doubled in value, from $28 billion to $53 billion, as a result of the high rates.

The Greeks remain active in the sale and purchase market, accounting for about a quarter of the bulkers bought so far this year.