Core Viewpoint - Greek shipowners are systematically increasing their orders in strategic sectors, anticipating strong future demand, with Greece's new ship orders reaching 693 vessels in November, up from 651 in October, representing a 0.53% increase [1] Group 1: Greek Shipbuilding Orders - Greece's new ship orders reached 693 vessels, a rise from 651 in October, marking a 0.53% increase in the number of vessels [1] - Greece accounted for 15.6% of global ship orders, an increase from 15.07% the previous month, with a total of 4425 vessels ordered globally [1] Group 2: Breakdown of Ship Types - The most significant growth was observed in bulk carriers, with Greek shipowners having 162 vessels under construction, representing approximately 12% of global bulk carrier orders [1] - In the tanker sector, Greece continues to lead with 302 tankers under construction, accounting for 24% of global tanker orders [1] - Container ship orders have steadily increased to 126 vessels, making up 11% of the global total, while LNG ship orders stand at 57 vessels, representing 18%, and LPG ship orders at 46 vessels, accounting for 15% [1]

Core Insights - Greek shipowners have significantly reduced new shipbuilding activities in 2025 compared to previous years, indicating a more cautious or readjusted attitude towards short-term prospects [1][2] - The total number of new shipbuilding orders from Greek shipowners dropped from 97 vessels in early 2024 to 34 vessels in early 2025, a decline of over 65% [1] - Greek shipowners remain strategically influential in the global shipbuilding market, holding the largest order volume in the industry [2] Shipbuilding Orders - In the first four months of 2024, Greek shipowners focused on specific ship types, including 2 VLCCs, 13 Suezmax tankers, and 2 MR2 tankers, showing a clear contrast to the previous year's orders [2] - The container segment saw Greek shipowners order 10 new Panamax container ships and 2 feeder vessels in early 2024, compared to only 4 Panamax container ships in the same period of 2025 [2] - The bulk carrier segment also experienced a shift, with only 1 handy-sized bulk carrier ordered in early 2025, down from 10 Kamsarmax bulk carriers ordered in early 2024 [2] Market Position - As of now, Greece has ordered 292 tankers, accounting for approximately 27% of the global tanker order volume, making it the largest investor in this segment [3] - Greece has also ordered 167 bulk carriers, representing about 15% of the global bulk carrier order volume, and 50 LPG carriers, which is 28% of the global LPG order volume [3] - The financing index for Greek shipping has shown an upward trend, with the Petrofin index rising from 308 in 2023 to 324 in 2024, marking the highest level since 2017 [3] Financing Trends - Greek shipping bank financing increased by 5% in 2024, with total loans reaching $53.51 billion, reversing a downward trend from the previous two years [5] - The total loan amount in 2023 was $50.89 billion, down from $51.91 billion in 2022, indicating a recovery in financing despite challenges such as high interest rates [5] - Approximately 60% of banks are struggling to achieve portfolio growth in 2024 due to high interest rates and loan repayments, despite strong new loan issuance [5]