Allied’s research for “N”: Greek shipowners with a new compass in shipbuilding – Turning to South Korea

The geopolitical and commercialized “controversies” betwixt the astir almighty countries successful the world are changing the scenery successful Greek shipping successful terms of investments.

Despite the uncertainty, Greek shipowners beryllium to beryllium resilient erstwhile again.

According to the investigation prepared exclusively for “Naftemporiki” by Chara Georgousi, Head of Valuation astatine Allied QuantumSea, there are two main characteristics of the shipbuilding marketplace so acold successful 2025. The archetypal concerns the shares of Greeks successful caller shipbuilding. Despite the information that wide and successful implicit numbers caller orders are declining compared to the corresponding play successful 2024 and 2023, Greek shipowners are expanding their shares from 11.5% successful 2024 to 15.8% this year. As Georgousi stated, successful a “tighter” shipbuilding cycle, each bid has greater weight – and the Greeks look to beryllium taking afloat vantage of this advantage.

The 2nd is the penchant for South Korean berths. According to Allied QuantumSea research, while successful 2024 63.5% of orders were placed with Chinese shipyards, this year this percent fell to 32.3%. In contrast, South Korea absorbed astir 70% of Greek contracts, signaling a important summation compared to past year’s 31%. Japan remained consistently low, with conscionable 3% information this year.

This shift, according to Hara Georgousi, reflects the uncertainty that prevailed successful caller months aft the US announced the imposition of tariffs connected Chinese-built and owned ships approaching American ports successful mid-March, which turned Greek investors distant from geopolitically delicate areas. For galore Greek shipowners, this imaginable for regulatory costs and commercialized uncertainty translated into an contiguous alteration successful strategy – not lone for the ships, but besides for where they are built.

Greek orders

2025 finds the planetary shipbuilding marketplace connected a steady slowdown trajectory. Investment appetite for caller ships has been importantly reduced compared to the erstwhile two years, with planetary orders reaching conscionable 439 ships successful the archetypal 4 months of the year, a four-year debased (980 ships successful the aforesaid play successful 2024 and 809 successful 2023). The 2025 marketplace is adjacent to 2020 levels and signals the prevailing caution, some owed to macroeconomic challenges and expanding regulatory and geopolitical uncertainty.

Amid this generalized uncertainty, the Greek beingness stands retired not for its volume, but for the extent of its strategy, Georgousi noted. Greek shipowners are investing selectively, moving their orders to much technically reliable and regulatory-aligned manufacturers, avoiding geopolitical risks and giving a wide awesome of strategic direction.

Orders from Greek interests decreased from 112 to 65 ships, nevertheless their stock successful planetary contracting accrued substantially from 11.5% to 15.8%, revealing a strengthening of Greek power successful an situation of little planetary activity.

The organisation of Greek orders this year shows a wide absorption connected two main fronts: Tankers (49%) and containerships (43%), while there is an astir implicit lack of orders successful bulkers and state carriers. The region from the LNG assemblage is possibly the astir resounding differentiation this year and underlines the caution towards the accrued hazard of oversupply.

Overall, tankers support sustainable balances with a 13.4% order-to-fleet ratio and a 24.3% stock of the planetary orderbook. In containerships, the ratio is 12.8% and the stock is 13.6%, indicating an effort astatine stabilization. In contrast, bulkers are moving conservatively (10.4% ratio and 22% share), with a wait-and-see attitude.

Competition

China is marginally up of Greece with 69 orders (15.7% of planetary volume), chiefly successful tankers (52%). The Japanese recorded 23 caller orders (5.2%), chiefly successful bulkers (39%) and state carriers (17.5%).

Containerships: New orders

The marketplace is successful a transitional stage, with deliveries intensifying and the orderbook reaching 30% of the fleet. In larger ships (>8,000 TEUs), the percent exceeds 46%. Prices are rising successful small sizes, particularly feeders, owed to intraregional trade successful Asia.

LNG: Strong orderbook

The LNG marketplace is slowing down, spot rates are astatine historical lows and values are falling. Investment enactment is freezing and anticipation of the aboriginal prevails. Decommissioning, dismantling oregon conversions to FSRUs are being discussed.

Tankers: Positive signs

The marketplace shows affirmative signs, particularly successful crude tankers. Product tankers are pressured by fleet maturation (+5%). Only 134 caller orders this year. Second-hand purchases are declining and the mean property of ships changing hands is reaching 15 years.

Dry Cargo: Cautious moves

The marketplace is vulnerable. Freight rates are moderate, profits are low. Supply is expanding (+3%), particularly successful Kamsarmax. Scrapping is limited. Second-hand orders are decreasing (215 this year from 329 past year). Only 47 caller orders successful shipyards, indicating a wait.