By George Georgiou

 

 

Greek shipowners are consolidating their position among the elite "players" of the LNG carrier market, implementing an expanded shipbuilding program that will increase their fleet in the coming years.

 

According to data shared with "Naftemporiki" by Veson Nautical, Greek shipowners have 52 LNG carriers on order, worth 13.6 billion US dollars. The Greek orderbook corresponds to 13.5% of the tonnage under construction in number of ships and 14.3% in value.

 

A larger shipbuilding program is implemented only by Japanese shipowners, having 73 ships on order, i.e. 18.9% of the global order book.

 

The South Koreans rank third with 46 LNG carriers under construction (11.9% share internationally), which have jumped onto the market with several orders over the last years, followed by shipowners based in Qatar (44 ships – 11.4%) and Bermuda (28 ships – 7.25%).

 

If you include the ships currently sailing the seas and those under construction in the shipyards, the Greek-owned fleet of LNG carriers is worth a total of 31.1 billion US dollars, based on Veson Nautical’s platform.

 

The single most expensive fleet in the world is the Japanese one, which is valued at 37.8 billion dollars, followed by the Chinese with a value of 21.1 billion dollars.

 

Close behind are the fleets of Qatar and South Korea with 18.71 billion US dollars and 18.67 billion US dollars respectively.

 

Record deliveries

 

The global fleet of LNG carriers will grow by more than 50% in the coming years, as massive deliveries of new vessels from shipyards begin this year, in the wake of the order rally of the last four years. A rally, in which the Greek shipowners were the protagonists, while gaining new momentum, boosted by Qatar and the enormous shipbuilding program it implements for oversized LNG carriers.

 

A series of deals for bulk carriers

 

 

Trading of large bulk carriers, such as Newcastlemax and Capesize, on the secondary market has become hectic over the last days, with Greek and Chinese shipowners competing in several deals. Undoubtedly, the deal of the week is the four modern Newcastlemaxes put up for sale by South Korean shipping company Polaris Shipping.

 

These are Solar Pride, Solar Quantum (capacity 209,471 dwt and built 2020 each), Solar Nova and Solar Oak (capacity 208,892 dwt and built 2021 each), which are equipped with scrubbers.

 

“Many shipping companies, more than 12, have shown interest in the four ships,” shipbroker sources told “Naftemporiki”. Different sources from the sector pointed out that at least two of them reportedly ended up in Thenamaris, a company that always looks to the secondhand market for quality tonnage.

 

Higher prices

 

The prices quoted by freight brokers for these ships are considerably higher than current market levels. Three shipping companies, two Greek and one British, price the two ships built in 2021 at 66 million euros each and those built in 2020 at 65 million euros each in their latest weekly reports. The Norwegian Cleaves Securities spoke of prices close to 60 million dollars. “The quoted prices are impressive. Just last month, Bocimar sold a vessel built in 2020 (from a better shipyard) for 54.25 million euros,” shipbrokers stated to “Naftemporiki”.

 

“We are seeing more and more interested buyers for bulk carriers with eco design, built after 2015, and a consequent increase in prices for this tonnage,” a shipping company source said.

 

Oversized bulkers, such as capesize and Newcastlemax, attract the highest buying interest.