ECONOMY

Chinese buy more bulkers than Greeks

Chinese shipowners have surpassed their Greek peers in purchases of dry-bulk carriers. From the start of the year up to July 13, they had bought 120 ships against 104 dry-bulkers bought by Greek interests, according to data compiled by the N. Cotzias Shipping Group. In terms of capacity the Chinese recorded an increase of 6.5 million tons or 26 percent of total deals concluded in 2009, while the Greeks have added 5.7 million tons or 22.5 percent of the total. In contrast, shipowners from this country spent $2 billion for their 104 vessels, which represents 28 percent of total expenditure so far this year, against $1.4 billion spent by the Chinese. This is due to the lower age of the vessels acquired by Greeks.