Greek Shipping Giants Purchase Most Second-hand Vessels in 2017

Greek shipping magnates spent over 4.47 billion dollars in second-hand vessels accounting for 23 percent of all investments in used ships in 2017 and placing them at the top of the global listing followed by the Chinese in terms of acquisitions and sales, according to shipping services provider Clarksons.

At the same time, the number of transactions in 2017 broke all records while shipowners allocated an additional 4.7 billion dollars on new builds, with the total investment exceeding 9.3 billion dollars for some 400 oceangoing vessels.

Clarksons cites strong trading volumes, record sales and improved fares on bulkers and containerships for the positive outcomes compared to a year before.

In the meantime, Greek shipowners remain global industry leaders, with a fleet valued at 97.2 billion dollars or 4,573 vessels according ship valuation firm VesselsValue.

Japan follows with a fleet worth 88.9 billion dollars (4,352 vessels), China at 81.6 billion dollars (5,094 vessels), the US at 52.1 billion dollars (2,798 vessels) and Singapore at 45.8 billion dollars (2,903 vessels).