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2nd Part of Petrofin Research: Greek Fleet Statistics

In this second part of Petrofin research, the Greek Fleet Statistics, Petrofin analyses the composition of the Greek fleet, in terms of vessel size, vessel type and vessel age.

Research Criteria

a. All Greek-owned / Greek-based vessels, of whichever flag are taken into account.
b. The Greek-based / Greek-owned fleet is analysed and presented initially as a whole, in terms of Numbers of Vessels, Age of Vessels and DWT.
c. Then a cut-off DWT is used of 10,000DWT to measure the number of companies that run vessels above this tonnage. This is done for the whole fleet, then for Bulkers, Tankers and Containers. This cut-off eliminates the vast number of very small and usually over aged vessels that unduly influence the Greek fleet analysis.
d. A further cut-off DWT point of 20,000DWT is used for the whole fleet, the Bulkers, the Tankers and the Containers. This shows the effect that a higher cut-off has on the fleet and its main sectors.
e. Newbuildings are only taken into account if they have a scheduled delivery year of up to and inclusive of 2014. This results in a more accurate assessment of today's fleet closer to reality, as many of the impressive number of newbuilding orders have delivery dates of 2015 and beyond. In the current economic climate, a very substantial number of newbuilding orders may be susceptible to cancellations, postponements and re-sales, and may thus distort the current picture of the size of Greek companies, the age of their fleets and of vessels actually trading or about to be delivered to Greek-based / Greek-owned companies.
f. Under the "Tanker" term we have included only crude oil Tankers, ULCCs and VLCCs and not other types of tankers. Bulk carriers include bulkers only and not general cargo vessels. Container vessels are pure cellular vessels. Consequently, this 2nd part of our research does not produce data for other types, such as chemical tankers, product carriers, LNGs, OBOs, Container/bulkers, etc.

Main results

1. The overall number of Greek vessels has remained steady this year.
2. BUT tonnage is up by 17,832,563 tons DWT or 6.8%.
3. Age is also down, from 14.7 to 14.05, despite a slowdown in vessel ordering.
4. Using a 20,000 DWT cutoff, the average age of the Greek fleet has fallen to 9.83 years.
5. Tanker fleet age is slightly up due to a slowdown in new orders.
6. Container fleet age is steady whereas that of bulkers has continued to fall.
7. All sectors show a rise in DWT terms.
8. The nature of the development of Greek shipping is evolutionary and this is supported by this year's research.

Petrofin Research