By Paris Tsirigotis

Greek shipowners are refraining from constructing new bulk carriers in a move that does not necessarily signal weakness, but rather a conscious strategic decision, aligned with the conditions of the freight market.

Almost eight months have passed since the last report of a bulk carrier order from a company with Greek interests.

According to the Naftemporiki report, some of the orders recorded in recent days concern older vessels, dating back to 2024.

Maria Bertzeletou, Senior Market Analyst at Signal Ocean, prepared an exclusive study for Naftemporiki, in which she explained the reasons for the abstention, while also listing the companies with Greek interests that signed shipbuilding agreements for bulk carriers from 2020 to 2024.

Greek orders have been at low levels over the last five years, with fewer than 190 new bulk carriers of Greek interests ordered in Asian berths.

As Bertzeletou stated: “In an environment where geopolitical risks and regulatory instability are commonplace, Greek shipping seems to be focusing on evaluating and maintaining flexibility, rather than hasty investments.

The capesize market is becoming attractive again, but caution is required, as the scrapping of older ships and the resilience of Chinese demand will determine the course.

Time will tell whether Greek shipowners will return in the second half of this year or whether they will continue to choose the role of selective observer.”

Strategic maturity

“The reasonable question is whether the drop in new orders is a sign of weakness or crisis,” said Bertzeletou.

With a global dry bulk fleet approaching 13,000 ships, the market does not need additional oversupply.

On the contrary, restraining new shipbuilding is not only a prudent but also a necessary strategy for maintaining the supply-demand balance in the freight market.

Greek shipowners are avoiding entering into new projects on a large scale, instead proposing the stabilisation of freight rates, particularly for larger vessels such as capesizes.

Moreover, Greeks remain cautious, expecting more substantial ship scrapping, which could balance supply and create more favorable conditions for new orders.

The bulk carrier market operates in a highly volatile geo-economic environment, with trends differing sharply across ship classes and coal altering the map of global trade.