ECONOMY

Greeks rule the used ship market

greeks-rule-the-used-ship-market

Greek shipowners accounted for 22 percent of global activity in used ship sales in October, according to a monthly analysis by Golden Destiny shipbrokers.

The data showed that Greek-owned companies acquired 20 vessels with a total capacity of 1.6 million deadweight tons (dwt) for $327.8 million. In total, the global market of used ships saw 90 vessels change hands in October, with a total capacity of 4.8 million dwt and a value of $1.1 billion euros.

Besides the used ships acquired, Greek shippers also ordered the construction of 10 new ships for $305 million. This has taken the total investment by Greek shipping companies in October to over $632 million euros, even though the chartering market has been going through one of the worst periods ever, with exception of tankers.

Compared with a year earlier, the investment made by Greek shipowners was higher in October 2015. Golden Destiny data show that in October 2014 Greek owners had acquired 18 vessels, meaning there has been an 11 percent rise this year. Greeks were clearly in favor of acquiring dry-bulk carriers even though their freight rates are at a historic low. This is due to the drop seen in the cost of those ships, in line with the freight rates.