Shipping: Greek flag holds top-10 spot despite declines
By Antonis Tsimplakis
The top ten countries with the largest fleets of ships under their flags remained unchanged. Greece, home to more than 600 shipping companies managing over 5,500 registered ships, ranks ninth. However, it has experienced a 4.2% reduction in gross tonnage (GT) compared to November 2023.
A recent Naftemporiki survey revealed that the Greek-flagged fleet has been steadily declining almost every year since 2015, both in terms of capacity and the number of ships. During this period, Greece has lost its leading position among European flags to Malta, making it the second-largest registry in Europe.
According to Lloyd's Intelligence's annual data on the world's top 10 flags for ships of 500 GT and above, Liberia maintained its top position, followed by Panama in second place and the Marshall Islands in third. Together, these three registries account for 55% of the gross tonnage among the top 10 registries.
Greece retained its ninth-place ranking but saw its tonnage shrink again, falling by 4.2% to 33.3 million GT, narrowing the gap with 10th-placed Japan, whose fleet continued to grow. Back in 2020, Greece's tonnage stood at 38 million GT, holding a 9-million GT lead over Japan. This gap has since closed to just 2.2 million GT. However, in terms of deadweight tonnage (DWT), the gap remains significant at over 14 million DWT.
In terms of quality characteristics, the Greek registry is among the world's best, earning high ratings under the Paris MOU and Tokyo MOU regimes and participating in the Qualship 21 program of the U.S. Coast Guard.
The Greek state has launched initiatives to digitally upgrade the registry, including the creation of an e-registry and advancements in e-navigation. However, significant challenges remain, including bureaucracy, a shortage of Greek seafarers, delays in digitalization, and slow response times to ships' needs on a 24-hour basis, as reported by Greek shipping companies.
Decarbonization: the biggest challenge in the shipping sector
The Minister of Maritime Affairs and Insular Policy, Christos Stylianidis, emphasized the importance of public-private sector synergies in renewing the coastal shipping fleet for barren routes, describing the decarbonization of shipping as the sector's greatest challenge.
Speaking at a shipping forum organized by the Hellenic-French Chamber of Commerce, Stylianidis highlighted Greece's implementation of a Public-Private Partnership (PPP) model in coastal shipping. This model not only ensures strong cash flow predictability for investors but also facilitates financially viable green investments.
Regarding Greece's decarbonization strategy, he reiterated that addressing the climate crisis is the sector's greatest challenge. He called for global solutions that are sustainable, practical, and effective, emphasizing the need for radical but realistic approaches that can be implemented on the ground.
（Editor:Liao Yifan）
