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The Greek-controlled fleet got larger and younger
4/8/2011

According to the latest report of Petrofin Research dated July 2011, the number of Greek-owned vessels has reached 4,714, up from 4,655 of last year. In addition, the average age of the fleet has continued dropping and now stands at 15.9 years, compared to 16.64 years in 2010.

The report comments that ”the development of the Greek fleet despite the uncertain financial and shipping environment has been remarkable. Greeks have continued to provide enormous sums as capital for the building of new vessels and for the modernization of their fleets. It is clear that the Greek strategy involves bigger and younger vessels, designed to meet the requirements of charterers, banks and to provide satisfactory economic returns. “
“The new challenges facing Greek shipping are linked to the huge order book, the lack of finance and adverse effects of the shipping market on vessel values and cashflows. Such trying conditions are usually exploited by Greek owners to expand. Market conditions are especially favourable for large owners to grow even larger and we anticipate that the percentage of the Greek fleet held by the top Greek names shall increase further.”


To read the whole report click here

You may also be interested in the latest report of Petrofin Research on Greek shipping companies which is available here
 
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