PETROFIN R Greek fleet statistics January 2018 based on

PETROFIN RESEARCH © – Greek fleet statistics January 2018

based on data as of end December 2017

1

2017 – RESEARCH AND ANALYSIS: GREEK FLEET STATISTICS

2ND PART OF 2017 PETROFIN RESEARCH ©

CONTENTS OF PETROFIN RESEARCH © – PART 2

RESULTS AT A GLANCE (P. 2)

SECTION A: VITAL STATISTICS OF THE ENTIRE GREEK FLEET (P. 3)

SECTION B: FOCUSING ON THE LARGER VESSELS (P. 5)

SECTION C: ANALYSES BY TYPE OF VESSEL (P. 8)

TRENDS AND PROSPECTS (P. 17)

METHODOLOGY AND DATA SOURCES – RESEARCH CRITERIA (P. 19)

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2

RESULTS AT A GLANCE

I. The overall number of Greek vessels has gone up to 5281 from 5230.

II. Tonnage has again climbed up by 25,276,695 tons DWT to 387,210,742, from 361,934,047

in 2016, an increase of 7%. Last year the increase in tonnage was 10.26% and the year

before it was 7.52%.

III. Age for the average vessel has again fallen to 11.8 years from 12.19 in 2016, 12.73 in 2015,

13.26 in 2014, 14.05 in 2013 and 14.7 in 2012.

IV. Using a 20,000 DWT cut-off, the average age of the Greek fleet, we note that there is a small

increase in the age to 8.6 for the first time in the last years. This reflects the remarkably

vigorous S&P activity of the year, which focused mainly on the acquisition of quality, young

second hand tonnage. However, the shift to second hand tonnage, as opposed to

newbuildings, has had a small impact on the average age of the fleet (more prominently, in

particular sectors).

V. The dry bulk fleet (vessels over 20,000 tons DWT) has gained 129 vessels compared to 111

last year. The average bulker vessel age has gone slightly up to 8.33 years for the first time in

7 years. The Dry bulk tonnage is up by 12.7m tons DWT compared to an increase of 7.2m

tons DWT in 2016 and it is still run by the same number of companies.

VI. The large Container fleet (vessels over 20,000 tons DWT) is also just less than a year older

than last year, at 10.12 years of age compared to 9.34 years old in 2016. 2017 has been a

year of intense activity and for Containers this seems to have been leaning towards selling

rather than buying. Tonnage is down to 23.5m DWT for the large ones, compared to 25.3m

tons DWT last year, when it had scored a substantial increase from 17.6m tons DWT.

Companies that run them are down to 30 from 32.

VII. The large Tanker fleet (vessels over 20,000 tons DWT), on the other hand, has shown a

substantial increase in vessels from 851 to 1004 and its tonnage is up from 131.6m tons

DWT to 149.4m tons in 2016. Also remarkable is the increase in the companies that run

tankers from 85 to 92. The sector has picked up pace and has renewed, as well as, increased

its fleet, whose age is down to 9.11 years form 9.35 in 2016

VIII. LPGs continue their fast increase in tonnage and numbers. Vessels up from 66 to 76,,

tonnage up from 2.9m DWT to 3.7m tons DWT. However, this vigorous activity involved the

acquisition of slightly older vessels, so its age has gone up from 4.3 to 6.7 years.

IX. The LNG fleet is showing an internal reshuffle, where smaller vessels have been acquired

bringing down the tonnage to 7.11m DWT from 7.14m DWT, but with an increase in vessels

from 74 to 82. The age has remained almost the same, albeit slightly older.

X. The expansion of the Greek fleet is continuing, following the market situation of each sector.



3

SECTION A: VITAL STATISTICS OF THE ENTIRE GREEK FLEET ENTIRE GREEK FLEET

Freights remain low, vessel prices are low and bank lending is restricted to the very few. The Greek fleet is, however, expanding, in terms of numbers, age and size. Confidence in shipping is still evident and strategic considerations are at work to render owners ready when the market recovers. The data obtained from our research is indicative of a very active market, a positive outlook for the future and continuous emphasis towards larger and younger vessels. The overall number of Greek vessels continues to increase.

TABLE 1

Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Number of vessels in the Greek-based, Greek-owned

fleet

4110 4142 4085 4184 3970 4164 4346 4545 4763 4655 4714 4577 4573 4707 4909 5230 5281

Change from previous year

32 -57 99 -214 194 182 199 218 -108 59 -137 -4 134 202 321 51

PETROFIN RESEARCH © – 20 year anniversary of Greek fleet analysis - www.petrofin.gr – December 2017

The fleet’s DWT grew by 25.3m tons DWT and it stands at 387,256,616 in 2017, compared to 361,934,047 tons DWT in 2016. These vessels are managed by 597 companies, down from 638 companies in 2016 and 648 in 2015. (1st Part of Petrofin Research ©). In Table 2 we note the main developments.

TABLE 2

YEAR DWT AVERAGE AGE AVERAGE VESSEL DWT

2001 150,978,565 21.41 36,734 2002 166,931,748 20.58 40,302 2003 171,448,133 20.51 41,970 2004 184,288,917 20.12 44,046 2005 176,411,750 19.9 44,436 2006 194,486,455 19.14 46,707 2007 208,001,159 18.7 47,860 2008 222,368,331 18.4 48,926 2009 237,288,216 17.6 49,820 2010 242,802,092 16.4 52,160 2011 256,174,041 15.92 54,343 2012 263,635,420 14.7 57,600 2013 281,467,983 14.055 61,550 2014 303,579,176 13.252 64,495 2015 328,254,495 12.729 66,868 2016 361,934,047 12.186 69,203

2017 387,256,616 11.8 73,330 PETROFIN RESEARCH © – 20 year anniversary of Greek fleet analysis - www.petrofin.gr – December 2017

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4

GRAPH 1

DWT, Average Vessel DWT, and Number of Greek vessels figures are shown on an index scale using year 2001 as 100. The actual figures are also marked for each year.

Evolution of the Greek fleet since 2001, in terms ofFleet Age, Fleet DWT, Average vessel DWT, Number of vessels

December 2017

21.41

20.58 20.5120.12

19.9 19.14

18.718.4

17.6

16.4 15.92

14.71

14.05

13.25

12.729

12.18611.84

10

12

14

16

18

20

22

70

80

90

100

110

120

130

140

150

160

170

180

190

200

210

220

230

240

250

260

270

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

DWT mil No of Vessels Average Vessel DWT Average Vessel Age

151m166m 171m

184m176m

194m208m

222m

237m

242m

36,73440,302

44,046

44,436

46,70747,860

48,92649,820

52,160

41104142 4085

4573

4164

4346

4545

4763

4655 4714 4577

54,343

57,600

256m264m

41,970

61,550

64,495

66,868

69,203

73,330

4184

3970

4707 4909

5230

5281

281m

303m

328m

362m

387m

PETROFIN RESEARCH – 20 year anniversary of Greek fleet analysis

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5

SECTION B: FOCUSING ON THE LARGER VESSELS In order to concentrate on the real strength of Greek shipping, we use two cut-off DWT points, one of vessels over 10,000 tons DWT and the other of vessels over 20,000 tons DWT. This way, the Greek fleet is stripped of a large number of usually overage very small vessels of relatively little impact that operate mostly locally. Hence, we concentrate on the global aspect of the Greek fleet.

VESSELS OF OVER 10,000 TONS DWT COMPARISONS BETWEEN 2003 AND 2017 Graph 2 below shows the fluctuation in the number of companies that manage vessels over 10,000 tons DWT, the number of ALL these vessels over 10,000 tons DWT, their age and their DWT. (‘ALL vessels’ means everything of commercial purpose that floats and is under Greek control):

GRAPH 2

Vital Statistics of the GREEK FLEETVESSELS over 10,000 DWT – 2017

166,704,889180,349,372

173,276,726191,052,878

204,267,159218,335,923

233,124,730238,730,633

252,325,445260,092,319

278,181,000300,479,376

325,343,512359,081,205

384,748,003

0 200,000,000 400,000,000

200320042005200620072008200920102011201220132014201520162015

Average Age of VESSELS over 10000 DWTTotal DWT of VESSELS over 10000 DWT

432429

420413

428439

449448

460449

440424

415414

400

370 380 390 400 410 420 430 440 450 460 470

200320042005200620072008200920102011201220132014201520162017

Number of Shipping Companies managing VESSELS over 10000 DWT

2651 27542629

2794 2884 3019 323131483271 3275

3347 353337594106

4327

0500

100015002000250030003500400045005000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Number of vessels over 10000DWT

19.85

19.7 19.60

16.00

15.3014.80

14.18 12.9012.08

11.1010.179.46

9.008.63

8.85

789

1011121314151617181920

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


www.petrofin.grDecember 2017



6

221 units of over 10,000tons DWT have been added to the fleet, representing an increase in tonnage by 25.7m tons. The percentage this tonnage holds in the overall Greek fleet tonnage is 99.35% up from 99.21% in 2016, compared to 99.1% in 2015, 98.97% in 2014 and 98.83% in 2013.

The rise in tonnage continues its unimpeded climb since 2005.

The average vessel DWT is now 88,917 tons DWT compared to 87,453 in 2016, 86,551 in 2015, 85,049 tons DWT in 2014, 83,113 tons DWT in 2013, 79,417 tons DWT in 2012, 77,140 in 2011, 75,836 in 2010.

But this year, bigger does not mean younger. The vigorous exchange of second had vessel tonnage has been the main feature of 2017, where owners are positioning themselves strategically, cautious of the very recent and still impacting newbuilding surplus crisis.



7

VESSELS OF OVER 20,000 TONS DWT

COMPARISONS BETWEEN 2003 AND 2017

Graph 3 below shows the fluctuation in the number of companies that manage vessels over 20,000 tons DWT, the number of ALL these vessels, their age and their DWT. (‘ALL vessels’ means everything that floats for commercial activities and is under Greek control):

GRAPH 3

Similar results for the over 20,000 tons DWT. 213 vessels have been added

The number of companies are down by 9. The sector now holds 98.5% of the Greek fleet compared to 98.34% in 2016.

The average DWT of each vessel is 93,100 tons compared to 91,640 in 2016, 91,364 in 2015, 89,881 inn 2014.

Again, the age is slightly up due to much second hand tonnage exchanging hands

Vital Statistics of the GREEK FLEETVESSELS over 20,000 DWT - 2017

160,903,934175,296,296

168,910,595186,529,075

199,785,925213,539,476

227,794,099233,926,985

248,180,760256,829,913

274,928,459297,236,837

321,967,846355,930,032

381,433,955

0 100,000,000 200,000,000 300,000,000 400,000,000

200320042005200620072008200920102011201220132014201520162017

Average Age of VESSELS over 20000 DWTTotal DWT of VESSELS over 20000 DWT

389392

382377

387395

403402

426412

408398

389389

380

350 360 370 380 390 400 410 420 430

200320042005200620072008200920102011201220132014201520162017

Number of Shipping Companies managing VESSELS over 20000 DWT

22762412

23382487

25762687

28712823

2982 30153122

33073524

38844097

0

500

1000

1500

2000

2500

3000

3500

4000

4500

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Number of VESSELS over 20000 DWT

December 2017

19.3 19 19.00

15.2014.50

14.2013.60

12.3611.62

10.679.83 9.15

8.71

8.39

8.64

789

1011121314151617181920

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


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8

SECTION C: ANALYSES BY TYPE OF VESSEL

THE GREEK BULKER FLEET OF VESSELS OVER 10,000 TONS DWT EACH

COMPARISONS BETWEEN 2003 AND 2017

GRAPH 4

Dry has been at the centre of trust of Greek owners. 136 vessels have been added to the fleet and as their age

has gone up from 8.16 to 8.38 years of age, we note that the new additions are primarily larger second hand

modern vessels (DWT is up by 12.8m tons, about half of the total tonnage increase in 2017). The average

bulker weighs 80,206 tons DWT compared to 79,271 in 2016.

The Greek Bulker FleetBULKER VESSELS over 10,000 DWT – 2017

77.299.19481,993,253

82,300,33186,610,648

93,274,61498,574,031

108,874,141108,006,901

119,962,805125,382,828129,904,342

136,217,119155,686,884

162,744,342175,571,470

0 50,000,000 100,000,000 150,000,000

200320042005200620072008200920102011201220132014201520162017

Average Age of BULKER VESSELS over 10000 DWTTotal DWT of BULKER VESSELS over 10000 DWT

328326326

316318

323330

326347

337330

323318

316316

290 300 310 320 330 340 350

200320042005200620072008200920102011201220132014201520162017

Number of Shipping Companies managing BULKER VESSELS over 10000 DWT

1396 1441 1417 143714821515

16341557

1732 172717361788

19512053

2189

0

400

800

1200

1600

2000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Number of BULKER vessels over 10000 DWT

December 2017

19.55

19.4

19.40

17.2016.30

16.2015.60

14.40

13.3011.80

10.30

9.258.63

8.168.38

789

1011121314151617181920

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


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9

THE GREEK BULKER FLEET OF VESSELS OVER 20,000 TONS DWT EACH COMPARISONS BETWEEN 2003 AND 2017

Similar trends here also. Company numbers have remained the same. 129 bigger bulkers were added compared to 111 in 2016, 163 in 2015, 59 in 2014, a rise of 14 in 2013, 6 in 2012 and 179 units in 2011. So the bulk of the fleet is indeed bigger bulkers. Average vessel size is up to 80,795, compared to 79,663 tons DWT in 2016 and 80,507 tons DWT which reflected the shopping spree of 2015. Furthermore, tonnage is up by a remarkable 12.7, which countered the small increase of 7.2m tons DWT in 2016, when prices still had some way to go downwards - something that was not the case in 2015, when 19.46m tons DWT were added at what retrospectively proved to be quite high prices. Age also reflects the addition of second hand tonnage and is up to 8.33 compared to an unbroken drop to 8.13 in 2016 since 2004.

GRAPH 5

75,968,30980,796,201

81,247,17485,640,798

92,409,25097,818,807

107,949,447107,184,780

119,213,341124,813,467129,412,948

135,834,528155,297,388

162,512,144175,244,646

0 50,000,000 100,000,000 150,000,000

200320042005200620072008200920102011201220132014201520162017

Average Age of BULKER VESSELS over 20000 DWTTotal DWT of BULKER VESSELS over 20000 DWT

314308310

305307314321

315339

330325

319313313313

0 50 100 150 200 250 300 350

200320042005200620072008200920102011201220132014201520162017

Number of Shipping Companies managing BULKER VESSELS over 20000 DWT

13181369 13511376

1428 14691578

1508

1687 16931707 1766

19292040

2169

1000

1200

1400

1600

1800

2000

2200

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Number of BULKER VESSELS over 20000 DWT

The Greek Bulker FleetBULKER VESSELS over 20,000 DWT - 2017

19.2

19.1 19.00

17.00

16.00 16.0015.50 14.27

13.14

11.6610.18

9.19

8.578.13

8.33

789

1011121314151617181920

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

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10

THE GREEK CONTAINER FLEET OF VESSELS OVER 10,000 DWT EACH COMPARISONS BETWEEN 2003 AND 2017

The container sector remains a highly volatile market. The exchange of hands in Greek container ownership has been in the headlines for a while during 2017. Companies are down to 32, in their 2015 levels, vessels are down to 406 and so is tonnage. Thus, the picture that emerges when we add the increase in age, is that more selling has occurred than buying and there has been little evidence that there was an effort to renew the fleet.

GRAPH 6

The Greek Container FleetCONTAINER VESSELS over 10,000 DWT - 2017

5.308.4125,874,811

6,027,2597,539,3847,596,420

9,151,48210,448,890

10,689,318

10,873,81512,667,748

13,633,54415,097,956

17,992,21625,795,943

24,087,183

0 4,000,000 8,000,000 12,000,000 16,000,000 20,000,000 24,000,000 28,000,000

200320042005200620072008200920102011201220132014201520162016

Average Age of CONTAINER VESSELS over 10000 DWTTotal DWT of CONTAINER VESSELS over 10000 DWT

3430

1925

22222324

2325

2428

3234

32

0 10 20 30 40

200320042005200620072008200920102011201220132014201520162017

Number of Shipping Companies managing CONTAINER VESSELS over 10000 DWT

158 165 148188 182

220 239 207 204243 254 269

297

414 406

0

100

200

300

400

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Number of CONTAINER VESSELS over 10000 DWT

December 2017

17.4 17.417.80

17.00

18.00 18.00 18.00

14.13

12.37 12.55

12.24

10.15

9.71

9.76

10.57

9

10

11

12

13

14

15

16

17

18

19

20

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


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11

THE GREEK CONTAINER FLEET OF VESSELS OVER 20,000 TONS DWT EACH COMPARISONS BETWEEN 2003 AND 2017

18 large containers less is the latest count of 2017. Due to the volatility and prospects of the market, there has not been any activity towards either renewal or enlargement of the fleet.

GRAPH 7

The Greek Container FleetCONTAINER VESSELS over 20,000 DWT - 2017

4,575,5645,225,0455,540,339

6,953,8817,099,585

8,554,2699,828,84310,359,67610,642,047

12,381,83713,346,981

14,725,64017,655,259

25,327,98623,487,496

0 7,000,000 14,000,000 21,000,000 28,000,000

200320042005200620072008200920102011201220132014201520162017

Average Age of CONTAINER VESSELS over 20000 DWTTotal DWT of CONTAINER VESSELS over 20000 DWT

2524

141616

181920

2223

2227

3132

30

0 10 20 30 40

200320042005200620072008200920102011201220132014201520162017

Number of Shipping Companies managing CONTAINER VESSELS over 20000 DWT

124 123150 149

180198 185 189

224 235 244274

381363

111

0

150

300

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Number of CONTAINER vessels over 20000 DWT

December 2017

17.516.8

18.00

15.7216.50

17.50

17.20

13.56

12.10 12.13 12.11

9.87

9.38 9.34

10.12

89

1011121314151617181920

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


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12

THE GREEK TANKER FLEET OF VESSELS OVER 10,000 DWT EACH

COMPARISONS BETWEEN 2003 AND 2017 39% of the fleet is now tankers compared to 36.39% in 2016 and 35.7% in 2015. The number of units is up by 158. The number of companies running tankers has leaped to 94 from 86, showing that owners, operating traditionally other types of vessels, are now engaging in the sector. Tonnage is up by 18m tons DWT compared to last year’s increase by 14.54m tons DWT in 2016 and 199,687 tons DWT in 2015. Age is slightly down to 9.1 years, the only sector of the 4, that we look into in detail, that has shown a renewal tendency. Tankers seem to account for the overall drop in the Greek fleet age.

GRAPH 8

The Greek Tanker FleetTANKER VESSELS over 10,000 DWT - 2017

1817.1

15.70

12.00 11.30

10.6010.10

9.40

9.08

8.888.98

9.669.49 9.33

9.10

8

13

18

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

71.329.05980,027,341

71,200,06880,983,879

86,446,94590,493,05891,219,320

97,003,01897,085,78598,044,149

111,069,261116,943,048117,142,735

131,691,587149,612,315

0 50,000,000 100,000,000 150,000,000

200320042005200620072008200920102011201220132014201520162017

Average Age of TANKER VESSELS over 10000 DWTTotal DWT of TANKER VESSELS over 10000 DWT

9496

899494

9399

9195

929292

9086

94

76 82 88 94 100

200320042005200620072008200920102011201220132014201520162017

Number of Shipping Companies managing TANKER VESSELS over 10000 DWT

677758

689 732 745 739 760 782 751 754823 816 817 857

1015

0

500

1000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Number of TANKER vessels over 10000DWT

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13

THE GREEK TANKER FLEET OF VESSELS OVER 20,000 TONS DWT EACH

COMPARISONS BETWEEN 2003 AND 2017 As only 9 tankers is the difference between the 10,000 and 20,000 sector, all the above observations are pertinent here.

GRAPH 9

The Greek Tanker FleetTANKER VESSELS over 20,000 DWT - 2017

71,042,29679,762,965

71,006,09080,760,538

86,252,20990,359,62090,986,727

96,860,17896,899,77797,856,568

110,951,803116,802,098117,022,849

131,618,280149,445,417

0 50,000,000 100,000,000 150,000,000

200320042005200620072008200920102011201220132014201520162017

Average Age of TANKER VESSELS over 20000 DWTTotal DWT of TANKER VESSELS over 20000 DWT

9091

849191

9092

8893

908989

8885

92

78 80 82 84 86 88 90 92 94

200320042005200620072008200920102011201220132014201520162017

Number of Shipping Companies managing TANKER VESSELS over 20000 DWT

657740

676 718 733 730 744 771 737 740814 805 808 851

1004

0

175

350

525

700

875

1050

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Number of TANKER vessels over 20000DWT

December 2017

18.7

16.47

15.13

11.6011.00

10.409.90

9.348.95 8.72

8.979.65 9.49

9.359.11

7

10

13

16

19

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


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14

THE GREEK LNG FLEET

The LNG market has been experiencing a lot of volatility and some adverse trading conditions. Interestingly,

the sector seems to have added vessels of smaller tonnage, as the number of units has gone up but tonnage is

slightly down. Age also is slightly higher.

GRAPH 10

The Greek LNG Fleet - 2017

2,611,804

4,304,336

6,351,177

7,144,700

7,119,019

0 2,000,000 4,000,000 6,000,000

2013

2014

2015

2016

2017

Average Age of LNG vesselsTotal DWT of LNG vessels

6

6

8

8

0 2 4 6 8 10

2013

2014

2015

2016

Number of Shipping Companies managing LNG vessels

32

50

74 7482

0102030405060708090

100

2013 2014 2015 2016 2016

Number of LNG vessels

December 2017

4.25

3.503.16

3.60 3.75

0

3

6

2013 2014 2015 2016 2017


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15

THE GREEK LPG FLEET OF VESSELS OVER 10,000 DWT EACH

LPGs continue their upward move, albeit at a more cautious pace. The increase of tonnage by less

than a million is carried by an increased fleet by 15 vessels. As the fleet is now more than 2 years

older than last year, some smaller and older tonnage has been acquired to carry out the trade.

GRAPH 11

The Greek LPG Fleet – LPGs over 10,000 DWT - 2017

1,153,993

1,150,826

1,480,798

3,290,768

4,143,522

0 1,000,000 2,000,000 3,000,000 4,000,000

2013

2014

2015

2016

2017

Average Age of LPG vessels of over 10,000 DWTTotal DWT of LPG vessels of over 10,000 DWT

6

7

9

13

13

0 2 4 6 8 10 12 14

2013

2014

2015

2016

2017

Number of Shipping Companies managing LPG vessels of over 10,000 DWT

29 31

48

89

104

0

20

40

60

80

100

120

2013 2014 2015 2016 2017

Number of LPG vessels of over 10,000 DWT

December 2017

11.31 11.32 11.50

5.19

7.26

4

5

6

7

8

9

10

11

12

2013 2014 2015 2016 2017


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16

THE GREEK LPG FLEET OF VESSELS OVER 20,000 DWT EACH

Similar results for the bigger LPGs.

GRAPH 12

The Greek LPG Fleet – LPGs over 20,000 DWT - 2017

1,077,776

1,049,732

1,178,545

2,949,702

3,721,481

0 1,000,000 2,000,000 3,000,000 4,000,000

2013

2014

2015

2016

2017

Average Age of LPG vessels of over 20,000 DWTTotal DWT of LPG vessels of over 20,000 DWT

6

7

9

13

13

0 2 4 6 8 10 12 14

2013

2014

2015

2016

2017

Number of Shipping Companies managing LPG vessels of over 20,000 DWT

23 23 26

6676

0102030405060708090

100

2013 2014 2015 2016 2017

Number of LPG vessels of over 20,000 DWT

December 2017

11.00 11.20

13.69

4.33

6.71

3

4

5

6

7

8

9

10

11

12

13

14

2013 2014 2015 2016 2017


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17

TRENDS AND PROSPECTS Growth has been the key feature, last year, in the Greek fleet, growing from 361.5m DWT to 387.3m DWT or

7%. This took place during a period when almost all shipping markets, with the exception of dry bulk, were

poor with uncertain prospects and with bank finance being relatively scarce for all owners but more

noticeably, for the small to medium owners. Admittedly, the number of vessels comprising the Greek fleet

grew more moderately in numbers from 5230 to 5281. However, the average size of vessel in the Greek fleet

continued to grow from 69,203 to 73,330 or 6%.

This growth, in the light of rather adverse shipping markets, is remarkable and indicative of the commitment

to growth by Greek owners “against all odds”. It signifies the belief that last year’s vessels’ prices represented

attractive levels and it appears that thus far, this view seems to bear fruit, especially in the dry bulk market

with rises both in vessels’ values and incomes. However, there was a difference in how the above growth was

achieved. Greek owners’ order book fell last year from 502 to 326 vessels and so did vessel deliveries from

181 to 156 vessels. What made a telling difference is the switch of interest by Greek owners towards second

hand vessels that represented value for money and more importantly, could be secured immediately. This

can be bourne from the second hand vessel purchases by Greek owners, which grew from approx. 200 to 260

vessels.

The switch of emphasis towards the second hand market, as opposed to newbuilding last year, can account

for the slowdown in the improvement of the average age of the Greek fleet with some segments showing a

small increase for the first time. As long as market and cost dynamics favour second hand vessel acquisitions,

it is possible that the Greek fleet’s age will remain largely unchanged. This “breather” has to be seen in the

light of the fall in average age from 21.41 years in 2001 to 11.84 last year. A further reason for the switch

towards modern second hand vessels has been that eco type second hand vessels have become available, as

eco vessels remain the focus of most Greek owners.

As can be seen from the different sectors’ analysis, whereas the dry bulk, tanker and LPG sectors grew last

year, the container fleet experienced a slight fall and the LNG fleet was static.

The recorded growth in the Greek fleet must be contrasted to the adverse financing developments last year,

whereby an increasing number of prominent banks stopped or slowed down or disposed part of their loan

portfolios. Bank finance is a lower loan cost financing option, preferred by Greek owners. As the prospects

for bank ship finance remain relatively poor and only the very big owners (private or public) have access to

bank finance, Greek owners turned to other means of financing their vessel purchases.

On the whole, the public markets remained inactive last year, although prospects appeared to pick up as the

year progressed. With dry bulk share performances recording healthy rises and with market projects turning

to positive the public markets are expected to provide increasing capital to Greek shipping, in 2018.

The Norwegian market showed a remarkable rise last year and attracted an increasing (but still small)

number of Greek owners.

The main provider of finance has been Chinese leasing with Japanese and Korean leasing reentering the

market. The number of Chinese lessors and their commitment has risen last year and this rise included Greek

owners, mainly for newbuildings but also increasingly for second hand purchases. The Chinese only vessel

approach was relaxed last year but the Chinese state has tried to restrict this development recently, in order

to support local builders.



18

Another major finance provider has been the alternative finance market, which re-embraced shipping and

has been very active, last year. An increasing number of Greek owners accepted the considerably higher

costs involved and entered into such ‘alt finance’ transactions, in the hope that the markets shall rise and

justify the higher cost of capital.

Export finance has continued to provide solid finance support to Greek owners, especially in China and Korea.

On the capital side, Greek owners have continued to pour substantial fresh equity into acquisitions. Private

investment funds have increased their role and interest in joint ventures, with the larger owners.

The options available for the smaller owner have been few and consist of the smaller banks that have

entered the market with low advance ratios and higher margins or Chinese leasing or act finance at costs that

are often in the 10% plus area.

Higher finance cost represents a substantial risk for owners, especially in the light of rising of US Dollar

interest rates and requires a robust rise in vessels’ cash flows (and values), to justify itself.

The challenges to Greek shipping remain i.e. technological, regulatory, compliance and financial. However,

the key to meeting these challenges and continuing with the remarkable growth and quality story lies in the

performance of the shipping markets.

Currently, international trade is expected to grow in excess of 4% in 2018 (IMF forecast), at a time when fleet

growth is slowing down in the absence of accelerated newbuilding ordering. There seems to be some light at

the end of the tunnel across the board for all sectors, with the dry bulk, product carrier, LPG and container

sector appearing to be in a better position than the tanker sector, which needs to absorb the rise of capacity,

as well as volatile oil prices, as a result of geopolitical and supply side considerations.

Lastly, a mood of confidence is prevailing in Greek shipping that the huge investment decisions and

commitment in shipping will bear fruit in the next few years. As such, it is expected that the growth of Greek

shipping shall continue unabated, certainly over the next few years.



19

METHODOLOGY – SOURCES - RESEARCH CRITERIA

In this 2nd

part of Petrofin research, the Greek Fleet Statistics, we analyse the composition of the Greek fleet, in terms of vessel size, vessel type and vessel age. Our sources are the Greek Shipping Directory (2017), printed and on-line database, Newsfront Greek Shipping Intelligence, as well as Clarkson’s World Fleet Register, Clarkson’s Shipping Intelligence Weekly and numerous market sources. Research Criteria:

a. All Greek-owned / Greek-based vessels, of whichever flag are taken into account. b. The Greek-based / Greek-owned fleet is analysed and presented initially as a whole,

in terms of Numbers of Vessels, Age of Vessels and DWT. c. Then a cut-off DWT is used of 10,000DWT to measure the number of companies

that run vessels above this tonnage. This is done for the whole fleet, then for Bulkers, Tankers, LNGs and LPGs. This cut-off eliminates the vast number of very small and usually over-aged vessels that unduly influence the Greek fleet analysis.

d. A further cut-off DWT point of 20,000DWT is used for the whole fleet, the Bulkers, the Tankers and the Containers. This shows the effect that a higher cut-off has on the fleet and its main sectors.

e. Newbuildings are only taken into account if they have a scheduled delivery year of up to and inclusive of 2018. This results in a more accurate assessment of today’s fleet closer to reality. In the current economic climate, a very substantial number of newbuilding orders may be susceptible to cancellations, postponements and re-sales, and may thus distort the current picture of the size of Greek companies, the age of their fleets and of vessels actually trading or about to be delivered to Greek-based / Greek-owned companies.

f. Under the “Tanker” term we have included only crude oil Tankers, ULCCs and VLCCs and not other types of tankers. Bulk carriers include bulkers only and not general cargo vessels. Container vessels are pure cellular vessels. Consequently, this 2nd part of our research does not produce data for other types, such as chemical tankers, product carriers, OBOs, Container/bulkers, etc.

Documents

PETROFIN R Greek fleet statistics January 2018 based on