Features: - Tanker Operator

INDUSTRY – GREECE 

that role to the Greek Shipping Co-operation 

Committee, which hads expressed its strict 

opposition to this development. 

UGS’ stance wasn’t any different. In 

Veniamis’ words: “2009 reserved for us a very 

unpleasant surprise, with the abolition of the 

Ministry of Mercantile without any previous 

notice. 

“The Ministry was an important 

contribution to the industry, having created 

strong sentimental bonds with the people of 

the broad maritime and shipping community, 

while also becoming a symbol of national 

power in terms of sea works. So, besides the 

practical importance of its autonomous 

presence, there is also the psychological one. 

And we all know to what extent, this factor 

affects the bonds between shipping and 

country” said Veniamis. 

Referring to the efforts undertaken to attract 

more youth to a career at sea, Veniamis said 

that they were very successful. In fact, out of 

the 1,336 positions to be filled for 13 

maritime academies, there were a total of 

2,656 applications in 2009, against 1,700 

during the previous years. Veniamis warned 

that there was also an urgent need to create 

private maritime institutes, which would 

absorb those who don’t make it to the state 

academies. 

In order to appreciate the shipping 

industry’s contribution to the local economy 

during the past 10 years, some important 

figures were released, based on a recent study 

by Alpha Bank. 

According to the figures, Greece is now 

ranked second in the EU-27 based on its net 

shipping earnings per inhabitant with €916, 

ahead of Norway and below Denmark. 

Shipping’s contribution to the current account 

balance was also increased from 3.1% of the 

country’s GDP in 2000 to 4.06% by the end of 

the decade. 

Similarly, by the end of 2009, a total of 

1,300 shipping companies were operating in 

the country’s, while from 2006 onwards 

there’s been an increase of ships flying the 

Greek flag. 

Finally, the economy can earn even more 

from shipping activities, if a system attracting 

service providers was implemented through 

appropriate initiatives, such as the 

modernisation of the shiprepair, ship 

maintenance and shipbuilding industries, the 

improvement of the public administration’s 

modus operandi, as well as a comprehensive 

effort to render the country’s economy 

attractive for investments. 

Greek shipping has by tradition 

concentrated on the more orthodox tanker and 

drybulk sectors and this is likely to continue. 

We have seen Greek interests re-enter the 

newbuilding market, albeit at a slow pace. 

According to figures produced by IHS 

Fairplay, 198 tankers were on order of 18.5 

mill dwt controlled by Greek interests at the 

end of April. Taking the total number of 

vessels on order of all types, Greece was in 

the lead at 593 in number terms and third 

behind China and Japan in dwt terms totalling 

49.2 mill. 

By flag, Greece had 92 tankers on order of 

11.8 mill dwt and lay in seventh place in dwt 

terms of vessels of all types (23.6 mill dwt). 

Suezmaxes favoured 

The Suezmax has become the flavour of the 

year with Greek owners. TAKEROperator 

has attempted to identify the Greek controlled 

shipping companies with large tankers either 

building, or ordered. The information was 

disseminated from various sources. 

For example, George Economou’s 

management vehicle Cardiff Marine has one 

VLCC, six Aframaxes and four Suezmaxes on 

order. However, brokers have said that Cardiff 

is in negotiation for a further two VLCCs and 

three Suezmaxes with Chinese builder 

Rongsheng. 

Also believed to be negotiating Suezmaxes 

at Rongsheng was Thenamaris. It was thought 

at least two could be ordered, plus options. 

The pick of the bunch has to be Almi 

Marine Management, which was believed to 

have up to a dozen Suezmaxes on order. In 

addition, Centrofin was also thought to have 

three Suezmaxes on order and Target Marine 

up to seven. George Procopiou’s Dynacom 

A preference for tankers 

According to the Hellenic 

Chamber of Shipping, domestic 

owners were particularly 

prevalent in the tanker and bulk 

carrier sectors, which carried 

the majority of the world’s 

trade. 

The percentage of each type of Greek 

controlled vessel, in relation to the world 

fleet of the corresponding type for the years 

2008 and 2009 was as follows: 

Oil tankers 

Percentage of number of ships 2008 = 22.9 


Percentage of total dwt 2008 = 20.9 


Chemical & products tankers 


Tankers Management reportedly has six 

VLCCs and eight Suezmaxes on order. 

Gregory Callimonopoulis’ Marine 

Management Services was said to have three 

Suezmaxes and two Aframaxes on order. 

Meanwhile, Tsakos has one DNA type 

Aframax and two Suezmaxes on order, while 

Delta Tankers has two Suezmaxes and three 

VLCCs to come. 

Liquimar Tanker Management has one 

Suezmax and three VLCCs on order, while 

Athenian Sea Carriers has at least one VLCC 

still to come from its original ordering spree. 

Sun Enterprises (Livanos) was believed to still 

have one Suezmax on order and Kyla 

Shipping was believed to have two. 

Omniblue Shipping was thought to have 

another four Suezmaxes on the orderbooks 

and Chandris (Hellas) was said to have two 

VLCCs still to join the fleet, while Meandros 

was thought to have another Suezmax on 

order. Last but not least, Fairsky Shipping & 

Trading had reportedly ordered two VLCCs. 

Several Greek-controlled interests were also 

very active in ordering LR1s, MRs and 

Handysize chemical/product tankers, plus 

smaller units. 

It has also been noticeable that the Greeks, 

among others, have re-entered the financial 

markets (see TAKEROperator, May, page 10). 

Two examples are Evangelos Marinakis’ 

Crude Carriers and Angeliki Frangou’s Navios 

Maritime Acquisition Corp, who have entered 

the market by way of IPOs to purchase 

tonnage. The former has bought two VLCCs 

and one Suezmax, while Navios intends to 

buy up to 13 products tankers with the 

proceeds. 

TO 




Liquid gas carriers (LGCs) 





Combination carriers 





As of 31st December, 2009 – 2,112 vessels 

of 41.4 mill gt were under Greek flag of over 

1,000 gt, while 3,996 vessels of 258.1 mill 

dwt, or 152.6 mill gt of over 1,000 gt were 

controlled by Greek companies. 

24 

TANKEROperator June 2010

Previous page

Next page

1

2

3

4

5

6

7

8

9

10

12

13

14

15

16

17

18

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

Features: - Tanker Operator

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?