Economy. Greeks the undisputed leaders in tankers

HUILE. Greek shipowners remain by far the dominant players in the global tanker market, as Greek-owned tankers reach a value of $70 billion, according to the British company VesselsValue.

According to the latest data, from February 2024, available to Kathimerini, Greek shipowners have the third largest fleet in the world, amounting to $169.4 billion approximately.

In first place are the Japanese shipowners with a fleet worth nearly $206.4 billion, closely followed by the Chinese with ships worth a total of $204 billion.

In fourth place are the Americans with ships with a cumulative value of almost $100 billion (half of that value, however, concerns cruise liners), followed by Singapore with $85.6 billion.

The top 10 is completed by shipowners from South Korea, Norway, Britain, Germany and Hong Kong.

However, the Greek shipowners have by far the most important fleet of tankers, due to the size and age of their ships: Therefore, while the Chinese lead in the number of tankers, the Greeks have much more expensive ships which are both bigger and newer, thanks to the recent investments which they continue to proceed with.

Specifically, according to analyst company VesselsValue, which since last year has been controlled by Veson Nautical, Greek shipowners have ships with a total value of $169.39 billion, with tankers worth $69.51 billion, bulk carriers worth $49.5 billion and liquefied natural gas (LNG) vessels amounting to $31.13 billion.

It is pointed out that the Greek-owned LNG transport fleet is the second largest in value in the world, with that owned by the Japanese in the top spot.

Values in this sector remain stable at high levels from 2022 thanks to increased demand.

There is also a notable container shipping fleet that is in Greek hands, estimated to be worth $10.15 billion.

Over the past two years, ongoing sanctions against Russia and the resulting rise in demand have continued to boost profits for tankers, the British shipping data company said.

Additionally, the situation unfolding in the Red Sea provides further support for earnings, at least in the short term.

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