Although they made an impressive turn to investing transaction, they had started to renew their fleets a few years ago, reducing significantly the average of ships. 221 ship transactions worth $4b have been made in 2009, in comparison with 302 transactions worth $4.1b by Chinese ship-owners.
Overall, the Greek-owned fleet amounted to 3,848 ships in March 2011, with a capacity of 261 million tons dtw, decreased by 148 ships in the previous year. However, the total capacity stood at 258.121 million tons in March 2010.
Last year, the average daily freights was $16,035, increased by 25%, in comparison with 2009, according to N. Cotzias Shipping Consultants, while the average daily operating cost was about $7,500, generating substantial profits for ship-owners.
Under estimates, the freight prices in 2011 will be at 2010 levels and the ship-owners consider the financing of new investments and overcapacity.
By 2014, the world fleet is expected to increase by 30% in capacity, however analysts and brokers are concerned by the overcapacity, as it would result in huge reduction of freight.
7,142 new ships are expected in 2011, reflecting a 10% of the market despite of 969 cancellations of orders. According to N. Cotzias, one of six cancellations is by a Greek company.
Under the ideal scenario, the world fleet would increase by 5% annually. Ship-owners are aware of that but there don’t seem willing to do so, as they have already proceeded with $1.9 investments in the first quarter of 2011, according to Golden Destiny.
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