Greek Ship Owners Order 87% Fewer Vessels Over Last Year

New Cargo ship in front of a shipyard hall in Rostock (Germany)

(Greece) – According to data collected by Intermodal, a shipbroker, Greek ship owners ordered 87% fewer vessels from January to May of 2016 than they did last year. According to Clarkson Research, new shipbuildings order worldwide decreased by 65% in 2016 when comparing it to the 2015 data. The last report by Intermodal also went on to say that May of 2016 was another month without a lot of new ship orders. This provides little comfort to the shipyards that have been hit hard because of the decreased volume.

According to the information published by Intermodal, the Greek owners are the ones that usually set the trends when it comes to purchasing new vessels and adding to their fleet. They have also said that, “Looking into specific sectors, Greek owners have been completely inactive this year as far as dry bulk and containership orders are concerned, while tanker ordering is noting a massive drop of 85%.”

Clarkson, however, is quick to point out that this decrease in new vessel orders hasn’t decreased the importance of the Greek shipbuilding industry. They said, “Greek owners have also retained their role as shipping’s leading asset players and today operate a fleet with a value of some $91 billion (actually third in the rankings behind the US due to the value weighting of the cruise fleet). In 2015, Greek owners were the number one buyers (followed by China) and number one sellers (followed by Japan and Germany) in the sale and purchase market. Greeks have not been quite so dominant in the newbuild market recently and in 2015, Greek owners ($6.9bn of orders) trailed Japan ($13.1bn) and China ($10.7bn) in the investment rankings.”

Intermodal also went on to say in the report that they did notice an increase in secondhand tonnage acquisitions and that there is a large gap in prices between new vessels and those that had been previously owned. In fact, the Greek fleet has increased their secondhand tonnage considerably over the past year.


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