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According to Lloyd's Register-Fairplay data, as of March 2014, the world fleet of self-propelled, sea-going merchant ships, greater than 1,000 gross tons (GT), stood at 52,001 ships of 1,311,906,161 gross tons, including 5,344 ships, of 196,795,247 gross tons, on order.

The Greek Controlled Fleet

According to the same data, as of March 26th, 2014, Greek interests controlled 3,901 vessels of various categories, of 290,847,132 total DWT and 170,984,684 total GT. Compared with the previous year's data, this represents an increase of 224 vessels, of 25,510,612 DWT and 14,996,300 GT. Total DWT is the highest ever. The figures for Greek controlled newbuilding orders include 378 vessels, of various categories, of 22,492,621 GT, on order from shipyards.

The fleet registered under the Greek flag has decreased slightly in terms of ship numbers, now comprising 819 ships, but has increased in terms of DWT and GT, now standing at 76,107,917 and 44,190,793 respectively, as against 829 ships, of 73,449,021 DWT and 43,316,618 GT in 2013. It is to be hoped that the severe loss of confidence created by the uncertainty of the tax regime, will not result in further losses in future.

It is very satisfactory that the Greek controlled fleet is indisputably the first in the world, and also that with few exceptions, the percentage of all types of Greek controlled vessels, has increased relative to the corresponding world fleet type for the year 2013. Over the 12 months to March 2014, the Greek-owned merchant fleet grew by 25.5m dwt, or 9.6%, its greatest annual increase since 2008.

As a percentage of the world fleet, the Greek controlled fleet has increased, reversing the trend of past years, now representing around 7.6% of the world's total number of vessels in service and on order, 15.2% of the world's fleet deadweight, or 13% of the world's fleet expressed in gross tons (as against 7.3%, 14.7% and 12.6% respectively, last year). In terms of ships on order, the percentages are 7.1%, 11.9% and 11.4%, respectively. Furthermore Greek interests control an impressive 24% of crude oil tanker capacity, 13.9% of chemical and product tanker tonnage, 16.4% of the world dry bulk fleet capacity and 7.9% of the world boxship fleet.

The average age of the Greek controlled fleet has decreased during the past year by 0.3 years, and is currently 2.5 years below the average age of the world fleet. The average age of the Greek controlled fleet in term of ships now stands at 9.9 years as against 12.4 for the world fleet. It is 7.7 years in terms of GT and DW.

This year, the expansion has continued.

Of the leading shipowning countries, Greece was by far the leading protagonist, both in second hand acquisitions and in newbuilding orders in the four months to the end of April, 2014.

According to online valuations provider, VesselsValue.com, in a remarkable surge of activity, Greeks bought 137 existing vessels and concluded 131 newbuilding orders.
There is a strong element of fleet renewal to the Greeks' activity as, at 20 vessels sold, they also topped the charts in demolition sales.

By comparison, second-ranked Japan acquired seven existing ships and ordered 54 newbuildings during the first four months of 2014. China bought 35 second hand units and concluded 93 newbuilding contracts.

Neither Asian giant was reported to have scrapped any vessels during the period.

The Greek shipping community scrapped one vessel for every seven bought and ordered, whereas the Norwegian ratio of newbuilding orders to scrapping was 26:1.

The value of the Greek-owned fleet increased by 13% in the first four months, according to the data provided to Lloyd's List by VesselsValue.com.

The fleet is at a record high. Leading companies are diversifying successfully into more lucrative but more technically challenging new areas such as shuttle tankers, containerships, gas carriers and offshore drilling.