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Greek shipping companies have largest share in the global orderbook in 2017

Maritime News May 11, 2017

Shipbuilding orderbook

Greek shipping companies have largest share in the global orderbook since the beginning of the year, according to the latest report of VesselsValue. According to the broker, the Greek owners have placed 35 orders for new cargo ships, mainly bulk carrier and tankers. Globally only 119 orders have been placed so far.

The shipowners in Greece are followed by USA (14 new orders), Singapore (10 new orders), Norway (8 new orders) and Netherlands (6 new orders).

“Many in the shipping industry are worried that there is an imbalance of supply and demand between the number vessels currently on the water and the amount of cargoes”, said the report of VesselsValue. “This situation does not look to improve in the near future as there is just under 66 million DWT of tankers and bulkers to be delivered during the rest of 2017, representing 47% of the current bulker and tanker order book”, adds the report.

Over the last 5 years, a major source of finance & investment in the newbuilding market came from the private equity sector who invested heavily to capitalise in the post-crash market downturn. Today the preference from the private equity sector is to invest in tonnage already delivered and on the water so that an immediate return on their investment can be realised. This led to a lack of newbuilding finance available and resulted in a gap in deliveries at the major shipyards and therefore increased appetite from them to take orders. In early 2017 the cash rich Greek community took advantage of this, securing a number of orders at competitive prices.

As we progress through 2017, yard capacity has reduced but continued buying demand from the private sector remains. This is one of the major factors that has led to the increase in newbuilding prices over the past 5 months.

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