Greece is the world’s largest maritime power

Greece remains the world’s largest maritime power. Almost one in three tankers carrying oil throughout the length and breadth of the Earth is Greek-owned, while one in five ships traveling in the oceans belongs to a Greek shipowner.

The Greek-owned fleet has always maintained its primacy in the international shipping industry despite the intense competition it faces mainly from the Far East. It is coping successfully with geopolitical and other challenges, continues to invest in modern ships and renew its fleet, and is always demonstrating the necessary adaptability to changing conditions.

The business acumen, the hands-on management of the Greek shipowner, and the seamanship of the Greeks, along with the collective that distinguishes the sector, are the prerequisites for maintaining the leading presence of Greek shipping for many decades to come.

According to the latest data of the Annual Report of the Union of Greek Shipowners, Greece remains the leading shipping country in the world as Greek shipowners currently control 5,514 ships, approximately 21% of the global fleet in terms of tonnage (dwt). The total capacity of the Greek-owned fleet has increased by 45.8% compared to 2014 while the capacity has increased by 7.4%, even during the COVID-19 pandemic, i.e. since 2019.

The Greek-owned fleet and the EU

Greece continues to increase its share of the EU-controlled fleet. The Greek-owned fleet accounts for 59% of the fleet controlled by European Union (EU) Member States, more than 75% of which are active in the bulk/tramp sector. One third of the Greek-owned fleet flies the flag of an EU member state. Greek shipping is a cornerstone of global maritime trade, as Greek shipowners control:
⦁ 31.78% of the global oil tanker fleet.
⦁ 25.01% of the global dry bulk fleet.
⦁ 22.35% of the global Liquefied Natural Gas (LNG) transport fleet.
⦁ 15.60% of the global fleet of chemicals & petroleum products.
⦁ 13.85% of the Liquefied Petroleum Gas (LPG) world fleet.
⦁ 9.33% of the world container fleet.

The Greek-owned merchant fleet carries more than 98% of its transport capacity between third countries, making it the world’s largest cross-border carrier. Greek shipping is mainly active in the bulk/tramp transport sector, which has the characteristics of perfect competition: a very large number of private, mainly small and medium-sized enterprises (SMEs) operate globally in a competitive environment, with flexible and efficient administration and asset management, free access to a wealth of information, and low entry and exit costs.
Shipowners/managers in the bulk/tramp sector, carrying cargoes on an ad hoc basis, are not in a position to influence freight market prices. Most ships in bulk/tramp shipping operate under time charter contracts. The time charterer shall take over the commercial operation of the ship and determine the type and quantities of cargo to be carried, as well as the route and speed of the ship.

Modern and safe ships

Greek shipowners are constantly investing in new, energy-efficient ships and environmentally friendly equipment. The average age of the Greek-owned fleet (9.99 years) is lower than the global average (10.28 years). The shipbuilding orders from Greek shipowners amount to 173 ships (from 104 ships in the previous year), corresponding to 17.3 million dwt. More than a third of the oil tankers and nearly one in six LNG vessels currently being built in the world will be delivered to Greek shipowners.

In addition, more than a quarter (27.6%) of the Greek-owned tonnage (in dwt) falls within the scope of the Global Standard for the Energy Efficiency Design Index (EEDI), a technical measure of the International Maritime Organisation (IMO), which ensures improved energy efficiency for ships.
Greek shipowners are steadily investing in larger ships that also have greater efficiency and environmental benefits due to economies of scale. Since 2014, the increase in transport capacity (in dwt) of the Greek-owned fleet has been much greater than the increase in the number of vessels.

In 2014, the average tonnage of Greek-owned ships was 71,308 dwt, while today it is estimated at 86,247 dwt – almost double the number of the global fleet (45,020 dwt). It is important to note that shipping is the most efficient means of freight transport. This is also evidenced by the fact that in the last 50 years, although global maritime trade has quadrupled in volume, CO2 emissions from shipping have only doubled.

Compared to other sectors, CO2 emissions from shipping remain relatively low – at 2.5% of global emissions.

Environmentally-friendly shipping

The situation is similar, not only in terms of CO2 emissions, but also in regard to overall greenhouse gas (GHG) emissions. Evidence shows that, over the last 30 years, GHG emissions from international maritime transport in the EU have remained at almost the same level, as a percentage of total emissions from the transport sector. Greece is occupying 8th place in terms of tonnage (dwt) and is one of the most important shipping registers in the world and one of the top shipping countries. With 647 ships (over 1,000 gt) registered under the Greek flag, with a capacity of 61.8 million dwt7, the Greek flag ranks 2nd in the EU.

Greece remains on the IMO’s STCW White List, as well as the Paris MoU and Tokyo MoU White List. Greece is also included in the US Coast Guard (USCG) List of Maritime Administrations QUALSHIP 21 and is among the best performing Flag States, with positive indicators in all categories of the Flag State Scoreboard (e.g. ratification of IMO Conventions, Port State Control Procedures of vessels, etc.), published by the International Chamber of Shipping (ICS).