Greek shipowners invested a total of 1.7 billion euros in March and April in new build orders – mainly tankers at Asian shipyards – according to recent shipbrokers’ data. This constitutes a marked increase in investing in this particular market compared with previous months.
The increase is in stark contrast with other categories of ships where activity is close to zero. The main example of that is the dry-bulk carrier category, as the market remains in decline and is projected to stay that way for the next couple of years.
Consequently, Greek shippers are again turning toward tankers, where rates are maintaining a steady northbound course. This applies not only to crude oil carriers but also tankers carrying refined oil products such as gasoline. Analysts and shipbrokers agree that the increase in rates that started in the second half of last year is sustainable for the next two years.
Data from the Golden Destiny shipbroking group, based in Piraeus, showed that Greek shipowners invested a total of 700 million euros in orders for 17 new tankers in March, while April witnessed a similar picture: 966 million euros was invested for the order of 15 new ships, 12 of which are tankers. This means that more than 3 billion euros has gone toward orders for new vessels in the first four months of 2015.
Among the companies that have been particularly active are Arcadia Ship Management, owned by the family of Constantinos Angelopoulos, which has ordered two Suezmax tankers with a capacity of 158,000 tons and a value of 60 million euros each, and Maran Tankers, owned by the Angelicoussis Group, which has ordered two VLCCs with a capacity of 319,000 tons, costing 86 million euros each.
Cardiff Marine, owned by George Economou, has been particularly active as Golden Destiny figures show that it has ordered four Aframax tankers (of 115,000 tons apiece) costing 51.3 million euros each, as well as two 158,000-ton Suezmax tankers for 60 million euros each, for a total investment of 325.2 million euros.
Funds invested so far this year in the global market are significantly lower than in the same period in 2014, owing to the crisis in the dry-bulk sector.