Greek shipowners: Shipbuilding activity returns to 2007 levels

Greek shipowners’ newbuilding orders are moving astatine levels reminiscent of the pre-crisis roar of 2007, arsenic a singular acceleration crossed each large vessel segments was recorded successful the archetypal 4th of 2026.

According to the latest study by Xclusiv Shipbrokers, Greek owners placed 102 newbuilding orders successful Q1 2026, with a total value of astir 10.1 cardinal dollars. This represents the strongest quarterly show connected grounds for the brokerage and is 3.6 times higher than the 28 vessels ordered successful Q1 2025. The study noted that the strength of this concern rhythm is reminiscent of periods of strong bullish expectations that characterized the pre-global fiscal situation ordering cycle.

Tankers

The assemblage of tankers recorded the strongest performance. Greek shipowners ordered 63 tankers, with a total value of astir 6 billion, with a wide absorption connected ample crude carriers.

Orders for VLCC/ULCC and Suezmax vessels unsocial reached 47 units (24 VLCC/ULCC and 23 Suezmax), accounting for astir 75% of each Greek tanker orders successful the quarter. The total Greek tanker orderbook has present reached 396 vessels, representing 28% of the planetary tanker orderbook.

By sector, the breakdown includes 12 small tankers, 18 Handysize/MR1, 63 MR2, 32 Panamax/LR1, 74 Aframax/LR2, 131 Suezmax and 66 VLCC/ULCC vessels.

The situation successful the Middle East, cargo rerouting, and the sustained geopolitical premium person importantly accrued the value of available capableness successful these segments.

At the aforesaid time, the second-hand marketplace shows that plus prices person reached levels which, successful some cases, marque newbuildings a much rational investment—provided owners are willing to wait astir three years for delivery.

A caller illustration successful the Aframax/LR2 conception is the merchantability of the sister vessels “Southern Reverence” and “Pusaka Borneo,” Japanese-built successful 2018 with a capableness of astir 108,500 dwt, which changed hands for 75 cardinal dollars and 76.5 cardinal dollars respectively. In different words, eight-year-old vessels were sold astatine oregon supra the mean newbuilding terms for the aforesaid segment, which is estimated astatine astir 75 cardinal dollars.

Bulk carriers

In adust bulk, Greek owners placed 16 caller orders successful Q1 2026, with a total value of astir 1.1 billion.

Orders for six Capesize and six Newcastlemax vessels accounted for 75% of quarterly deals, while for the third consecutive 4th there were nary orders for Handysize vessels.

The Greek adust bulk orderbook present stands astatine 188 vessels, representing astir 12% of the planetary orderbook, with the pursuing breakdown: 13 Handysize, 51 Newcastlemax/Supramax/Ultramax, 92 Panamax/Kamsarmax/Post-Panamax, and 32 Capesize/VLOC.

Gas carriers

In the state bearer segment, 11 LNG bearer orders were placed successful Q1, chiefly successful the 141k–200k cbm segment, with a total value of astir 2.4 cardinal dollars. In addition, six LPG bearer orders were recorded.

The total Greek state bearer orderbook has present reached 105 vessels, of which 60 are LNG carriers and 45 are LPG carriers.

Within LNG carriers, Greek owners presently person 60 vessels connected bid (7 successful the 16k–100k cbm scope and 53 successful the 141k–200k cbm range), representing 18% of the planetary LNG orderbook.

In LPG carriers, Greek owners relationship for 45 vessels connected order, oregon 14% of the planetary total, including 8 small LPG carriers, 3 Handysize, 13 MGC and 21 VLGC vessels.

Container ships

Finally, instrumentality vessel ordering remained measured but targeted. Between January and March, Greek owners ordered 12 vessels worth astir 600 million, exclusively successful feeder and Handy segments.

The total Greek instrumentality vessel orderbook has present risen to 174 vessels, the highest level successful caller years, representing astir 12% of the planetary orderbook. The breakdown includes 62 feeders, 49 Handysize, 11 Panamax and 52 Neo-Panamax vessels, with nary vulnerability to VLCS/ULCS segments.