Shifts in Global Geopolitics and Commerce Impact Greek Shipping Investments
In the face of uncertainty, Greek shipowners demonstrate remarkable resilience once again.
Analysis conducted exclusively for “Naftemporiki” by Chara Georgousi, Head of Valuation at Allied QuantumSea, highlights two key trends in the shipbuilding market for 2025. Firstly, while overall new orders are declining in absolute terms compared to 2023 and 2024, Greek owners have increased their share from 11.5% last year to 15.8% this year. Georgousi indicates that in a tighter shipbuilding market, each order carries more significance, and Greek owners are capitalizing on this dynamic.
The second trend is a growing preference for South Korean shipyards. Research from Allied QuantumSea shows a drastic decline in orders placed with Chinese shipyards—from 63.5% in 2024 to just 32.3% this year. Meanwhile, South Korea has secured nearly 70% of Greek contracts, a notable increase from 31% last year, while Japan’s share remains minimal at only 3%.
This shift is attributed to recent geopolitical tensions, particularly following the U.S. announcement of tariffs on Chinese-built ships heading for American ports, prompting Greek investors to divert their focus from geopolitically sensitive regions. For many Greek shipowners, the risk of regulatory costs and commercial instability has led to a strategic pivot in both vessel purchases and shipbuilding locations.
Greek Orders in 2025
This year finds the global shipbuilding sector in a steady decline, with investment interest waning significantly compared to the previous two years. In the first four months of 2025, global orders totaled just 439 ships—a four-year low—contrasting sharply with 980 orders in the same period last year and 809 in 2023. The current market resembles levels seen in 2020, highlighting a climate of caution amid macroeconomic challenges and increasing geopolitical risks.
Despite this overall uncertainty, the Greek presence stands out not in sheer quantity but in strategic depth, as Georgousi points out. Greek shipowners are making selective investments, focusing on manufacturers that are technically reliable and regulatory compliant, thereby avoiding geopolitical risks and signaling a clear strategic direction.
While Greek orders fell from 112 to 65 ships, their share of global contracts rose significantly from 11.5% to 15.8%, indicating a strengthening foothold in a less active international market.
Current Greek orders reflect a clear emphasis on two sectors: tankers (49%) and containerships (43%), with virtually no orders for bulkers and gas carriers. The move away from the LNG sector stands out this year, emphasizing a cautious approach amid concerns over potential oversupply.
Tankers are maintaining stable ratios, with a 13.4% order-to-fleet ratio and a 24.3% share of the global order book. For containerships, the ratios are 12.8% and 13.6%, respectively, suggesting an effort towards stabilization. Conversely, bulker orders take a more conservative stance, reflected in a 10.4% ratio and a 22% share, with many choosing to adopt a wait-and-see approach.
Competitive Landscape
China remains slightly ahead of Greece with 69 orders (15.7% of global volume), primarily focused on tankers (52%). Japan reports 23 new orders (5.2%), mainly in bulkers (39%) and gas carriers (17.5%).
Containership Orders
The containership market is currently transitioning, with deliveries increasing and the order book comprising 30% of the fleet. For larger vessels (over 8,000 TEUs), this percentage exceeds 46%. Prices for smaller vessels, especially feeders, are rising due to stronger intraregional trade within Asia.
LNG Market Trends
The LNG sector is experiencing a slowdown, with spot rates at historic lows and declining values. Investment activity has stalled, fostering a climate of uncertainty with discussions around decommissioning, dismantling, or converting vessels to FSRUs.
Tankers: Positive Developments
The tanker market is showing encouraging signs, particularly for crude tankers. However, product tankers face challenges from fleet growth (+5%) with only 134 new orders this year. The second-hand market is shrinking, with the average age of sold ships now reaching 15 years.
Dry Cargo Market: Cautious Approach
The dry cargo market remains susceptible, with moderate freight rates and low profits. Supply is rising (+3%), especially for Kamsarmax vessels. Scrapping activities are limited, and second-hand orders have decreased (215 this year versus 329 last year), with only 47 new orders placed at shipyards, indicating a cautious stance.
