Greece's shipowning sector is attracting the international banking community in Athens. A massive shipbuilding programme approaching 1,000 vessels, a series of corporate bond issues and, above all, strong interest from Greek shipping groups in Euronext Athens are turning the spotlight on the European capital of the shipping industry, attracting investment banking firms and financial institutions.

Two shipping companies, Peter Pappas’ Star Bulk Carriers and Polys Hajioannou’s Safe Bulkers, have already secured dual listings in Athens alongside their U.S. listings.

Another seven shipping companies are considering their options, with two or three potentially moving closer to a primary listing, as “N” reported recently. According to new exclusive information by “N”, major international financial institutions are expanding their presence in Athens, alongside more than 580 shipping companies.

In particular, according to the latest information from Greece’s main shipping hub, Fearnley Securities is setting up a new investment banking operation in Athens, aimed at helping its Greek clients gain access to capital markets.

JPMorgan is also following a similar course, focusing on international investment in shipping, energy and infrastructure, while Deutsche Bank is expanding its shipping-related services in Athens. More recently, two major Chinese institutions, Bank of China and ICPC, have established offices in Greece.

Peter Wessel, chief executive of Fearnley Group, told TradeWinds that “Greece is one of the most important shipping markets in the world and Athens is emerging as a financial centre of increasing importance to shipping companies.”

Fearnley Securities said: “Over the past 18 months alone, we have had the pleasure of working with several Greek shipowners who have raised more than $1.5 billion through 10 equity and bond transactions. Now we are taking another step. Our presence in Athens puts us alongside our clients every day. Greek shipowners want options: New York, Athens, Oslo, or the U.S. and Nordic bond markets. Our goal is to be the bank that offers them the most appropriate options.”

The first step came a few months earlier, during the Posidonia exhibition, when the group inaugurated its office in Athens, initially focusing on shipbroking.

The ecosystem

In recent years, Greece has further strengthened its position as a global shipping hub. Alongside Greek shipowners, Syrian, Turkish, Lebanese and Ukrainian shipowners have also established offices in Athens. According to the latest figures from Petrofin, Greece is home to 587 shipping companies.

Greece has also become a base for the world’s leading shipbroking firms. Increasingly, ship management companies and traders are setting up offices in the country to be closer to Greek shipowners, including Fleet Management Limited, Columbia Shipmanagement, Norden, Oldendorff Carriers and Trafigura. Japanese shipping group NYK Line (Nippon Yusen Kaisha) has also established an office in Greece, underscoring the interest of Asian shipping markets in the country.

Financing

According to a Petrofin Research report, the Greek-owned fleet continues to maintain a strong presence in global shipping, commanding 6,822 vessels with a total capacity of 493.5 million dwt. At the same time, the number of Greek shipping companies edged down to 587 from 588. However, the number of companies managing more than 1 million dwt rose to 89, and these companies now control 80.8% of total Greek-owned capacity.

The huge Greek-owned fleet is financed not only through capital markets but also primarily by a range of Greek and international banks, as well as Chinese leasing companies. According to Petrofin Research, total bank financing to Greek shipping reached $59.7 billion at the end of 2025, up 11.5% year-on-year from $53.5 billion in 2024.

Greek banks were the dominant lenders. Last year, Greek and Cypriot banks increased their share of total bank financing to Greek shipowners to 41.5%, from 34.7%.

The country’s four largest banks — National Bank of Greece, Eurobank, Piraeus Bank and Alpha Bank — increased their combined financing by 35.1% from $17.28 billion in 2024 to $23.35 billion last year.

According to the same data, bank financing to Greek shipowners reached $59.69 billion at the end of 2025, up 11.5% from $53.51 billion in 2024. The loan portfolio of Greek and Cypriot banks expanded by 33.6% from $18.57 billion to $24.8 billion.