Greek shipowners have made a significant shift in their investment strategy, pouring an unprecedented US$18 billion into new-build gas vessels since 2021.
This move represents a major diversification away from traditional maritime sectors, according to a new report by VesselsValue, the data intelligence arm of Veson Nautical.
The report, titled Greek Speculative S&P Investments, reveals that approximately US$13.8 billion has been allocated to 59 liquefied natural gas (LNG) vessels, while US$4 billion has been invested in 41 liquid petroleum gas (LPG) vessels.
This substantial investment in gas carriers surpasses Greek shipowners’ spending in other sectors, including US$12.2 billion on 167 tankers, US$4.1 billion on 109 bulk carriers, and $3.1 billion on 39 container ships.
Dan Nash, Associate Director of Valuation & Analytics at VesselsValue, commented on this trend: “In a decade defined by volatile markets and seismic shifts in shipping dynamics, Greek shipowners have taken bold investment stances that could shape the future of global trade.
“Greek shipowners are clearly planning for future increases in gas and LNG supply in the global energy mix with these speculative investments.”
Leading the charge in this investment spree is Piraeus-based Capital Ship Management, which has committed approximately US$4.7 billion to a diverse fleet of gas carriers, including 15 large LNG vessels, two very large ammonia carriers, eight medium gas carriers, and four carbon dioxide vessels.
Following closely is Athens-based Maran Gas Maritime, with a US$3.3 billion investment in 15 large LNG carriers.
Evalend Shipping rounds out the top three, having spent about US$3 billion on a mix of very large gas carriers, medium gas carriers, very large ammonia carriers, and large LNG vessels.
The report also highlights growing interest in the offshore oil and gas market.
Values for five-year-old, large anchor-handling tug supply vessels have surged by 97 per cent since 2021, while platform supply vessels have seen a 67 per cent increase.
This trend has prompted Capital Ship Management to place orders for offshore support vessels with China’s Fujian Mawei Shipbuilding.
Looking ahead, the report predicts that new building prices across all asset classes will remain high.
Prices have reached their highest levels since the 2008 financial crisis, with particularly strong pressure on container and LNG vessel orders.
While a gradual decline in ordering demand is expected for container vessels, prices are likely to remain historically high for the next 12-24 months.
This strategic shift by Greek shipowners towards gas carriers reflects their anticipation of future energy trends and demonstrates their willingness to adapt to changing market dynamics.
As the global shipping industry continues to evolve, these investments could play a crucial role in shaping the future of maritime trade and energy transportation.
