Greeks account for one in four secondhand ships bought in 2017

Greeks account for one in four secondhand ships bought in 2017

Wily Greek owners have made the most of the changing cycle this year, accounting for almost one in four secondhand ship purchases, according to data from Allied Shipbroking.

Allied has Greek owners down as spending more than anyone else on used ships in 2017 – with $4.47bn invested in the year to date, accounting for 23% of all secondhand purchases with less than two weeks of the year to go.

A total of 280 vessels were bought by Greek shipping companies and nationals, with bulkers to the fore, accounting for 170 of the total. Greeks have also snapped up 79 tankers, 35 boxships and three LNG carriers.

Chinese interests ranked second behind the Greeks in splurging $2.25bn on 205 ships with Norwegian firms in third, snapping up 98 vessels.

Greek shipping interests were also first on the list in terms of sellers, offloading 179 vessels for $2.3bn.

Also of note, although not carried in this particular Allied report, is how Greeks have bookended 2017 with sizeable newbuild orders, principally for tankers.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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1 Comment

  1. Gerassimos Lathrop
    December 20, 2017 at 4:01 pm

    Hello Sam / Gerry

    I regret to inform you, but the numbers from Allied Shipbroking’s Statistics report have changed since your publication >_<. We have 175 bulkers, 69 Tankers, 34 box ships and 3 LNG/Cs bought by Greeks, with a total of 4.574 billion USD spent as at December 15th.

    Unless of course you're referring to last weeks report which has 170/69/34/3 vessels sold to Greeks.

    Similarly at the moment we have Greeks accounting for every 1 in 5.5 secondhand sales.

    Ps. Keep up the good work, We very much enjoy this site

    Kind regards,

    Gerassimos (Gerry) Lathrop
    Allied Research & Valuations