By Antonis Tsimplakis 

 

Large bulk carriers, such as Capesize and Newcastlemax, are a "pole of attraction" in the secondary market, with Greek shipowners behind several deals. Between January and July 2024, a total of 90 oversized bulkers changed hands, compared to 69 in the corresponding period of 2023, i.e. an increase of 30.5% on an annual basis, according to data shared with "Naftemporiki" by Irini Diamantara, executive of the Research and Valuation department of Xclusiv Shipbrokers. Of the 90, 62 are capes and 28 Newcastlemaxes. 

 

Looking at this year's deals, most of the ships sold, 42 in number, are 11-15 years of age, with the second choice being 16–20-year-old ships. A trend that can also be seen in the deals made over the last seven months. 

 

It is noted that the capes charter market experienced an exceptional first quarter this year, a period that seasonally puts pressure on the revenues of the specific type of ships. The second quarter, however, proved slightly weaker, while fares continue to correct in the final month.

 

Greek shipowners have remained quite active this year as well, although they have slowed down compared to last year. According to shipping sources, the Greeks are mainly focusing on acquiring modern ships, seeking attractive deals at competitive prices. According to Xclusiv Shipbrokers, in the seven months of 2024, the "Greeks" bought a total of 17 capes. Of these 7 are quite new as they are between 0-5 years, while another 7 are 11-15 years.

 

Between January and July 2023, Greek shipowners bought 26 oversized bulk carriers, of which 23 are Capes and 3 Newcastlemaxes. The majority of ships that domestic companies added to their fleets last year were aged between 11-15 years. Derby between Greece-China in newly built ships Greek shipowners launched an intensive construction program last year, closing significantly the gap with China. In November 2023 the shipping organization BIMCO issued a survey, based on which the Chinese orderbook was 21% larger than the Greek one. A year ago (November 2022) the annual survey of the maritime review Newsfront Naftiliaki reported that the Chinese had 600 ships under construction and the Greeks only 234. However, the terms have almost reversed. At the end of July 2024, the order book of the "Greeks" consisted of 577 ships, while that of the Chinese consisted of 581, according to data shared with "Naftemporiki" by Irini Diamantara, executive of the Research and Valuations Department of the Xclusiv Shipbrokers shipbroker. In other words, Greeks and Chinese are neck-and-neck, while the Greeks have more than doubled the size of the order book since November 2022. This means that the Greeks are expected to maintain a safe distance from the Chinese for the leadership of the world fleet. Last year's BIMCO survey showed that the Greeks control 19% of the fleet's tonnage in terms of DWT and the Chinese 15%. In this shipping derby, domestic shipping companies dominate in tankers and LNG / LPG carriers, while Chinese companies lead in bulk carriers and containerships. In particular, the Greeks have placed orders for 270 tankers over the last years, accounting for 29% of the total activity, based on data from Xclusiv Shipbrokers. Accordingly, the Chinese have 101 tankers on order, or 11% of activity.

 

In gas carriers, the Greek order book includes 102 ships, while the Chinese 64, with shares amounting to 17% and 11% respectively. The performance of the Chinese in container ships is remarkable, having ordered a total of 128 ships, a figure corresponding to 18% of the international order book.