Greek shipowners spending on acquisitions, selling old vessels at high prices

Greek shipowners are ramping up investments in fleet renewal, with plans to spend more than $14 billion on acquiring new vessels and modernizing existing fleets in 2026. This strategy aims to secure long-term profitability amid shifting global trade dynamics and rising demand for maritime transport. In parallel, shipowners are capitalizing on the booming secondary market to liquidate older vessels, generating substantial cash flow. The surge in activity has been marked by a sharp increase in the value of used ships. According to data compiled by shipbroker Allied QuantumSea, Greek-owned shipping companies sold 316 vessels during the 12-month period ending in July. These included 164 dry bulk carriers, 117 tankers, 22 container ships, and 9 gas carriers. Chinese and Japanese firms were the next largest sellers, with 156 and 152 vessels, respectively. The secondary market's strength is reflected in price increases, with 10-year-old Very Large Crude Carrier (VLCC) tankers reaching nearly $133 million, a 53% rise compared to the previous year. Similarly, 15-year-old vessels saw a 72% jump, climbing to $100 million. For bulk carriers, 10-year-old Kamsarmax and Ultramax models increased in value by 22% and 29%, respectively. Greek shipowners have also emerged as leading buyers in the secondary vessel market, acquiring 229 ships, comprising 120 bulk carriers, 86 tankers, 18 container ships, and 1 gas carrier. This number slightly exceeds that of Chinese firms, which acquired 212 vessels. The trend underscores a strategic shift toward modernization, driven by both financial gains and operational efficiency. In addition to buying secondhand vessels, Greek shipowners have placed orders for new ships. Over the past 12 months, they have secured contracts for 312 vessels, including 155 tankers, 72 container ships, 59 bulk carriers, and 24 gas carriers. Chinese firms followed closely behind with 301 vessels. Notably, the 111 tankers ordered by Greek shippers in early 2026 are valued at $10.2 billion, while 35 bulk carriers cost $2 billion. These vessels are scheduled for delivery between 2027 and 2030. Further investment of $2 billion is planned for secondhand tankers and newer bulk carriers. The current landscape reflects broader industry trends, with Greek shipowners positioning themselves to benefit from growing global trade and evolving regulatory environments. A key factor driving this momentum is the increasing emphasis on sustainability and efficiency in maritime operations, prompting owners to upgrade their fleets to meet stricter environmental standards and enhance competitiveness. An emerging opportunity for Greek shipping firms lies in potential collaboration with U.S. shipyards under the Trump administration’s initiative to boost domestic shipbuilding. The plan encourages partnerships between private investors and government entities to expand capacity and innovation in American shipyards. While details remain preliminary, the prospect of such cooperation could further strengthen Greece’s position in the global shipping sector. This aligns with ongoing efforts to diversify markets and reduce reliance on traditional hubs, offering a pathway for sustained growth and influence in international maritime trade.