By Paris Tsirigotis

 

One in four orders for tankers in 2024 came from Greek companies, according to data from Veson Nautical, with Greek shipowners ranking first in energy product carriers.

 

In particular, a record number of new tankers – 435 – were ordered in 2024, marking an increase of around 31% compared to the previous year.

 

The report, compiled by Veson's data and intelligence arm, VesselsValue, stated that the increase in newly built tankers is due to high demand, fleet renewal and a focus on green regulatory compliance, as well as continued increased tonnage demand for this sector and strong resale prices.

 

"The sector was very active in 2024, particularly in the first half of the year, as shipowners looked to renew their fleets with the latest technology," said Thomas Zwick, Senior Maritime Analyst at Veson Nautical. "Although 2025 started more slowly, orders are expected to increase as demand remains strong, but the levels seen in 2024 are not expected to be repeated."

 

The report added that most of the orders placed this year were in the Handy class sector, which accounted for around 47% of the total with 204 such ships ordered. The ships ordered were largely in the MR sector, which are smaller, coated ships ordered for their flexibility and ability to operate in a wide range of locations.

 

The Aframax/LR2 sector was in the second place with 101 orders, followed by VLCCs in the third place with 57 orders, Suezmax in the fourth place with 45 new ships and Panamax/LR1 in the fifth place with 28 new orders.

 

The report also stated that Greece was the most active in newly built tankers, with 113 orders reported in 2024. China was in the second place, with 75 orders placed, Singapore in the third place with 43 orders, the United Kingdom in the fourth place with 42 orders and Japan in the fifth place with 18 new orders.

 

Greek Shipping: A key pillar of economic growth

 

The central role of Greek-owned ocean-going shipping in the global and domestic economy is highlighted by McKinsey & Company in a recent study, carried out in collaboration with the Union of Greek Shipowners.

 

The study highlights the sector's key role in international trade, while also analyzing the challenges and opportunities that shape its future.

 

Ocean-going shipping is an important pillar of the Greek economy, like the automotive industry for Germany or the watchmaking industry for Switzerland. Greece, which represents less than 0.3% of global GDP, despite the small size of its economy, controls approximately 20% of global ocean-going shipping, demonstrating its dominant role in the international shipping market. This disproportionate influence highlights the strategic importance of shipping for Greece, with the sector affecting one in 15 jobs in the domestic private sector.

 

Greek shipping in numbers

 

Fleet: With more than 5,000 ships in the water, which are under the control of Greek shipowners, Greece holds a leading role in tankers transporting liquid and liquefied gas cargoes, while it ranks the second worldwide in dry bulk cargoes.

 

Shipping Management Center: Athens has established itself as a global ship management center, hosting over 750 management companies, of which over 100 manage more than 10 ships. In addition to the management companies, a wide cluster of related high-level services has also been created.

 

Jobs: Greek shipping, directly supporting 60,000 jobs in Greece and employing more than 200,000 seafarers serving in global waters, constitutes a multi-level economic pillar. However, its influence goes beyond the industry, as it supports a wide network of 90,000 additional jobs in various sectors of the Greek economy, while strengthening entrepreneurship and philanthropy.

 

Energy security: Greek shipping plays a critical role in Europe's energy security, as Greek-owned ships transport a large part of Europe's liquefied natural gas and crude oil imports. For example, 30% of the LNG volume imported into Europe via sea routes in 2023 was carried by Greek-owned ships, while 40% of Europe's crude oil imports by sea were carried by Greek tankers.

 

Global footprint: Over the past decade, Greek shipowners have invested more than 100 billion dollars in the construction of new ships in shipyards around the world.

 

Global economic power

 

The success of Greek ocean-going shipping is due to several factors, such as the long tradition, technical expertise, business foresight of Greek shipowners, as well as the strategic geographical location of Greece.

 

These elements have allowed Greek shipowners to make decisions that respond to the prevailing market conditions and ensure uninterrupted maritime transport, even in demanding conditions, such as the period of the 2008 financial crisis, the period of Covid-19, as well as the current period of intense geopolitical turmoil.

 

The revenues of Greek ocean-going shipping come almost entirely from its international activity, with an average estimated turnover ranging between 40-50 billion dollars per year, depending on the prevailing market conditions. Cumulatively, it is the largest and most extroverted economic sector in Greece, leaving behind sectors such as transport, real estate and retail, whose revenues come mainly from the domestic market.

 

At the same time, with a strong presence in international financial markets, counting over 20 listed companies on foreign stock exchanges and a total capitalization exceeding 9 billion, Greek shipping demonstrates its potential on the global stage.

 

Equally important is its contribution to the domestic economy, with the economic footprint of the sector valued at 14 billion dollars, while it contributes approximately 150,000 highly skilled and highly paid jobs in the broader maritime ecosystem as well as in other important sectors of the domestic economy.

 

In fact, it is estimated that Greek shipowners reinvest approximately 1.4 billion annually in other sectors of the Greek economy, such as real estate, energy, tourism or sports, while also offering significant funds estimated to exceed 400 million annually in social solidarity actions.