Their investments exceeded $5.6 billion. Greek shipowners in used oceangoing vessels during 2022. But in doing so, they also raised more than $5.2 billion from the sale of their own vessels. Collectively, deals made by companies with Greek interests in the secondary market for commercial vessels amount to $11 billion, making Greek shipowners the first players in this market.

According to Allied Shipbroking, 241 merchant ships have been sold and 254 bought by December 25.

Almost half of the above transactions by value concern purchase and sale of tankers. Greek shipping sold 107 tankers and bought 115. The transaction value, in which tankers outperformed and bulk carriers fell behind, also reflects the picture in the respective maritime markets. If in tankers the freight market strengthened sharply in 2022, then in cargo ships the correction was extensive.

In the bulk materials market, the deterioration of the climate began to manifest itself from the beginning of the year. Although there were some signs of possible stabilization in the first quarter, as the months passed it became clear that the positive conditions in the 2021 freight market were a thing of the past. By the summer, the situation worsened markedly as China’s zero COVID-19 policy and the subsequent recession in the US and European economies led to an alarming decline in demand for dry cargo. Along with the freight market in the field of cargo transportation, prices for used ships also began to decline. This trend continued after the end of Q3 2022.

The opposite trend was observed in the tanker market. The year started off on a soft note after years of poor tanker rates. But by February, Russia’s invasion of Ukraine had turned the market upside down: it became clear that tanker tariffs would reflect the planet’s increased energy instability. A significant increase in ton-miles (ie longer routes as buyers turn to more reliable Russian suppliers) and rising crude oil prices have put the market on a steady uptrend. A sharp improvement was noted already in the first half of 2022, but after the summer period, the growth of tariffs became more intense, and with it the prices of motor ships. There are many examples of Greek shipowners who have managed to generate significant capital gains from the sale of tankers they bought in previous years at prices even below half of what they have sold to date.

Moreover, since the first quarter of the year, when the prospects for profits in the freight market began to change in both cases, the investment appetite of buyers has also decreased: demand for bulk carriers has decreased by 25% compared to the record level of 2021, while tankers have increased by more than 45% compared to the lows of 2021.

In any case, pressure on the truck market is expected to be manageable in the medium term. Both the tanker market and the bulk carrier market have one thing in common: they enjoy strong supply-side support. Ships under construction make up a very small percentage of the existing fleet. According to Clarksons Research, the ships that will be commissioned in the coming years do not exceed 7% of the total fleet. In addition, the replacement rate for vessels older than 15 years is very low. That is, ships that are candidates for withdrawal cannot be adequately replaced in the short term. Thus, supply constraints can keep the freight market healthy.