Greek Shipping Fleet on the Rise
Summary
The Greek fleet expanded by 2.9% year‑on‑year in DWT terms, reaching 488.6m DWT in 2024. The fleet added 214 vessels (all types and sizes), up from 85 in 2023. Tonnage increased by 16.5m DWT in 2024 (versus 7.86m in 2023). The number of Greek shipping companies fell slightly to 588, while the number of companies operating 25+ vessels reached a record 60.
Ownership concentration remains high: owners with over 1m DWT (the so‑called ton millionaires) rose to 85 and control about 79.98% of the fleet. The average fleet age edged up to 14.6 years (from 14.3), and the share of very young fleets (0–9 years) continued to decline. By segment: dry bulk added 128 units (≈8.4m DWT), containers saw a small DWT gain (+1%) though unit count stayed flat, tankers added 24 vessels, LNG grew by six vessels (+4.4% DWT) and large LPG additions numbered six vessels (+7% DWT). Notably, the Top 10 Greek companies boosted their container tonnage from 5.9m to 9.65m DWT.
Key Points
- Greek fleet rose 2.9% to 488.6m DWT in 2024 — an addition of 214 vessels.
- Tonnage gain of 16.5m DWT in 2024 versus 7.86m in 2023 — stronger capacity additions.
- Number of Greek companies fell slightly to 588; firms with 25+ vessels hit a record 60.
- Top owners (over 1m DWT) control ~80% of capacity — consolidation remains pronounced.
- Average fleet age increased to 14.6 years; fewer very young fleets (0–9 years).
- Segment moves: Dry bulk +128 units; Containers +1% DWT (units flat); Tankers +24 vessels; LNG +6 vessels; LPG +6 large vessels.
- Top 10 Greek companies significantly increased container tonnage (5.9m → 9.65m DWT).
Context and Relevance
This Petrofin Research snapshot matters for shipowners, charterers, financiers, ports and policymakers. Growth in capacity alongside rising average age highlights two simultaneous forces: expansion and ageing of assets. Consolidation — with a small group controlling the bulk of capacity — affects bargaining power in charter markets, asset valuations and investment flows into newbuilds or retrofits for emissions compliance.
For decarbonisation, older fleets imply more retrofit or replacement capital will be needed to meet upcoming IMO and regional rules. For charterers and brokers, the segmental additions (notably in dry bulk and containers among top players) can influence freight rates and vessel availability in 2026–27.
Why should I read this?
Quick and blunt: Greece still runs the show — more ships, more tonnage, but the fleet’s getting older and more concentrated. If you’re into freight markets, ship finance, shipbuilding or port planning, this saves you wading through the raw tables. Key takeaway: capacity’s up, ownership’s tighter, age is creeping up — plan for supply and decarbonation impacts.
Source
Source: https://www.hellenicshippingnews.com/greek-shipping-fleet-on-the-rise/ (Petrofin Research)