Greek banks are becoming the primary financial backers of Greek shipping, with nine banks contributing to 35% of the sector’s funding.
According to Petrofin Research’s annual report, Greek banks’ total portfolio in Greek-owned shipping reached $18.65 billion by the end of 2024, while overall financing amounted to $53.51 billion.
Both Greek banks and total financing experienced growth, recording a 5% increase from 2023. Notably, Greek banks saw the most significant rise, with a remarkable 17.5% increase compared to the previous year. Their portfolio grew from $14.07 billion in 2022 to $15.79 billion in 2023.
The Four Major Banks
The four major Greek banks have consistently ranked among the top five financiers of Greek shipping in recent years, following UBS.
Eurobank holds the second spot with a portfolio of $4.6 billion, followed closely by Piraeus Bank at $4.47 billion and National Bank at $4.24 billion. Rounding out the top four is Alpha Bank, which has a portfolio of approximately $4 billion ($3.97 billion).
Aegean Baltic, the fifth Greek bank, boasts a portfolio of $419 million, while Bank of Cyprus is estimated at $380 million. Hellenic Bank follows with $245 million, and Attica Bank with $203 million. Lastly, Astrobank’s portfolio stands at $39 million.
This year’s financing list also highlights the emergence of Chinese leasing in Greek shipping.
China Merchants Bank Leasing reached $3 billion in 2024, marking a 50% increase from 2023 and securing the seventh position, just behind City, which has a portfolio of $3.3 billion.
Overall, 2024 proved to be a successful year for financing Greek shipping, with a 5% year-on-year growth.
Despite prevailing uncertainties across various sectors, Petrofin notes that banks continue to uphold their lending abilities, focusing on clients seeking financing for new ship constructions.
