ACCORDING to data tracked by Lloyd’s List, a total of 74 newbuildings with a combined gross tonnage of 5.2m gt were contracted by Greek shipowners during the first five months of 2023.

This represents an increase, in gt terms, of some 80% when compared to the same period in 2022, when 52 newbuildings totalling 2.8m gt were ordered. 

The crude oil and product tanker sectors have been the main growth driver in newbuilding orders so far this year, with 38 such vessels having been ordered between January 1 and the end of May 2023, compared to only six in the same period last year.               

Rising asset values of secondhand crude oil and product tankers — which have increased by an average of 50% for 10-year-old ships in the past 12 months — have been a significant factor in driving owners to order tanker newbuildings, in spite of their relatively high prices.

Secondhand tanker values have been underpinned by changes in trade flows due to the Ukraine crisis and a record low newbuilding orderbook, which presently stands at only 5% of the existing fleet, in terms of vessel capacity.

Numerous Greek shipowners have taken advantage of asset-value increases to sell older tonnage and invest their proceeds in newbuildings, in particular in the suezmax and long range two sectors. 

Greek owners have also made significant investments in the gas sector this year, with 13 liquefied natural gas carriers being contracted, the same number as last year.

In the dry cargo sector, Greek shipowners ordered 14 bulk carriers between January and end-May 2023, compared to 18 vessels in the same period last year.

Meanwhile, newbuilding contracts for containerships are more significantly down, with only four vessels being contracted so far this year, compared to 30 such ships in the first five months of 2022.     

The Greek newbuilding orderbook, in gt terms, is led by the Marinakis Group, which presently has a total of 29 vessels on order, of a combined 2.1m gt.

These vessels include six 1,800 teu capacity and four 2,782 teu capacity containerships, due for delivery this year and in 2024 from South Korean shipyard Hyundai Mipo.

The company is due to take delivery shortly of Buenaventura Express (IMO: 9932488), the last in a series of 10 boxships of 13,000 teu capacity ordered from Hyundai Samho in 2021.

Meanwhile, Marinakis Group's Capital Gas subsidiary currently has 11 LNG tankers of 174,000 cu m capacity on order from Hyundai Heavy Industries and Hyundai Samho. 

In addition, in the tanker sector, the company has one medium range unit, two LR2 and four dual-fuel LNG suezmaxes, the latter having been contracted in April this year.         

Angelicoussis Shipping Group has the second-largest orderbook among Greek shipowners, with orders in hand for 14 LNG tankers of 174,000 cu m capacity for its Maran Gas subsidiary, all of which are being built at South Korean shipbuilders Daewoo and Samsung.

The group also has four dual-fuel LNG suezmax tankers on order for its Maran Tankers division from China's New Times Shipbuilding, which were ordered in April. The company has arranged options for a further four suezmax units as part of this shipbuilding contract. 

Maran Tankers took delivery of three dual-fuel LNG very large crude carriers earlier this year, which were part of a four-ship order from Samsung placed in early 2021. The last ship in the series, Maran Dione, is due for delivery this July.                      

Third-placed shipowner in orderbook terms, Prokopiou Group, has 12 LNG tankers on order, which are all being built by Hyundai Heavy Industries for the owner's Dynagas subsdiary.

The first vessel in the 200,000 cu m capacity series — which are the largest LNG tankers in the world — is set for delivery this September.

George Economou holds the fourth-largest newbuilding orderbook among Greek shipowners and recently placed orders for two 210,000 dwt newcastlemax bulk carriers at Chinese shipbuilder Cosco Shipping HI Yangzhou.

The company also has four supramax bulkers in its orderbook, which are due for delivery this year.

Economou's TMS Cardiff Gas has four 174,000 cu m capacity LNG tankers on order, with two each being built by Daewoo and Samsung.

The remaining newbuilding orderbook comprises five LR2 tankers and four suezmax tankers, all being built by Chinese shipbuilders.   

Fifth-placed Navios Group's newbuilding orderbook is focused on the containership sector and includes four dual-fuel LNG mid-sized vessels. The 7,700 teu capacity ships have been ordered against a long-term charter to South Korean liner operator HMM. 

The company also has 10 conventional-fuel, 5,300 teu capacity boxships on order from a Chinese shipyard, which are due for delivery in 2024.

In addition, Navios has four LR2 tankers in its orderbook, which were contracted last year from South Korea's K Shipbuilding. They have been ordered against a time charter to Chevron Shipping and are due to go into service in 2024 and 2025.       

With much of the Greece-controlled vessel fleet operating in dry cargo and tanker spot markets, only a handful of shipowners have invested in alternative fuel-capable tonnage.

Marinakis Group was the first Greek company to put alternative fuel-capable ships into service, following the purchase of four secondhand, dual-fuel LNG aframax tankers from Russia's Sovcomflot fleet.

In addition to the dual-fuel tankers on order for Marinakis and Angelicoussis Group, and four dual-fuel boxships for Navios, only one other Greek shipowner has so far invested in alternative fuel-capable tonnage.

Previously known mostly as a tanker operator, Atlas Maritime has invested around $250m in ordering three dual-fuel LNG vehicle carriers. The 7,000 car capacity ships were ordered last year from China's Yantai Raffles Shipyard and are due for delivery during 2025. 

Ultimate deployment of the vehicle carrier newbuildings is not presently clear, although they are understood to be backed by long-term charters to a major vehicle carrier operator. 

This article is part of Lloyd’s List ‘Greece 2023’ special report which subscribers can view and download here.