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Greek shipowners have $15.2bn in newbuilds

Athens - Renewal of the Greek fleet continues at pace as cash rich owners continue to build ships and buy ships. A survey by Naftiliaki Greek Shipping Review of the Greek orderbook has revealed 237 ships of some 23.8m dwt were on order for 59 Greek companies, at the beginning of October

Athens - Renewal of the Greek fleet continues at pace as cash rich owners continue to build ships and buy ships. A survey by Naftiliaki Greek Shipping Review of the Greek orderbook has revealed 237 ships of some 23.8m dwt were on order for 59 Greek companies, at the beginning of October. Tanker orders led the way with 105 vessels. There were 64 bulk carriers, 12 LPGs, 18 LNGs, two liquid ethylene gas carriers, 21 container ships, 12 offshore supply vessels and three drilling rigs contracted.

In the first nine months of the year, 86 ships were contracted, lifting Greece back to the top of global newbuilding activity. Further, a number of multiple-ship contracts are at the letter of intent (LoI) stage including one for up to eight 82,000 dwt bulkers for Golden Union and one for two 208,000 dwt newcastlemaxes for Angelicoussis’ interests. The research also found a number of deals reported as being done, were in fact not cemented. With over $100bn invested in new ships over the past decade, the orderbook at the beginning of October was valued at $15.2bn, second to Japan’s $20.1bn and ahead of China’s $15bn.

Indeed, the lack of newbuilding finance has played into the hands of the cash rich and has seen a flurry of orders this year from Greece, ship valuation platform VesselsValue told the survey.

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