Greeks hold a 27% share of the global tanker orderbook, accounting for around 26% of orders placed in 2024. Their on-the-water fleet constitutes 23% of the world’s tankers by deadweight tonnage (dwt).
While facing pressure from China for the top spot in global shipowning, Greeks continue to make significant investments, particularly in energy-related sectors, whose importance has grown due to recent geopolitical developments.
2024 newbuilding activity
According to Veson Nautical, Greek owners led newbuilding activity last year, placing orders for a total of 113 vessels out of the 435 tankers ordered globally. This was the highest among shipping nations, with China following in second place with 75 orders, and Singapore completing the top three with 43 orders.
Greece-based Xclusiv Shipbrokers reported slightly higher figures for 2024, noting that Greek owners placed orders for 127 tankers, down from the multi-year record of 152 in 2023. The key tanker types ordered in 2024 included Suezmaxes, MR2s, and LR1s, with 26, 26, and 22 vessels respectively.
Total orderbook overview
Data from Xclusiv Shipbrokers reveals that, as of December 2024, the Greek tanker orderbook consisted of 303 vessels, representing about 27% of the 1,125 vessels under construction globally.
Aframax/LR2 vessels lead the Greek orderbook, with 93 vessels (33% of Greek orders), followed by Suezmaxes, with 69 ships (24% share). MR2 tankers come in third, with 48 vessels (17% share), while Greek owners have also placed orders for 38 Panamax/LR1 tankers (13%), 19 small tankers (7%), and 18 VLCCs (6%).
Existing fleet leadership
In terms of on-the-water tonnage, Greece also leads the tanker market, holding a 23% share of the global fleet, according to shipbroker Clarksons. This dominance is especially significant considering that approximately 50% of the cargo moved by Greek shipping companies is defined as “energy.”
The Greek tanker fleet is also the most valuable in the world, with VesselsValue estimating its worth at US$71.3Bn, far ahead of China, whose fleet is valued at US$47.9Bn. Despite China owning more tankers by count, Greece’s fleet specialises in larger vessel segments, which helps explain its higher market value and share.
Among the Greek shipowners who have significantly contributed to the growth of the tanker fleet are Maria Angelicoussis, Nikos P Tsakos, George Prokopiou, Nikolas Martinos, Andreas Martinos, George Economou, Angeliki Frangou, Anna Angelicoussis, Kriton Lendoudis, and the Latsis family.
Over the last few years, various geopolitical factors, such as the conflict in the Red Sea and ongoing Russian sanctions, have increased tonne-mile demand. This surge has supported earnings and contributed to the sustained high values of tankers, VesselsValue’s analysis noted in discussing the reasons behind the rising value of Greece’s tanker fleet.
Global newbuilding market
According to Veson Nautical, 2024 saw a record number of tanker newbuilding deals, with 435 vessels ordered, an increase of approximately 31% year-on-year.
“The tanker newbuild sector was particularly active in 2024, especially in the first half, as owners looked to future-proof their fleets with the latest technology and fuels,” Veson Nautical senior maritime analyst Thomas Zwick said.
While 2025 has begun with a slower pace, Mr Zwick predicts that orders will likely increase as demand remains, though matching the levels of 2024 will be challenging.
Veson Nautical data shows that the majority of orders in 2024 were in the Handy class sector, which accounted for about 47% of the total, with 204 vessels. The Aframax/LR2 sector came second, with 101 orders, followed by VLCCs (57 orders), Suezmaxes (45 orders), and Panamax/LR1 vessels (28 orders).
Chinese shipyards dominated the tanker newbuilding market, securing 322 orders. South Korea ranked second with 74 orders, followed by Vietnam (25 orders) and Japan (12 orders).
