By Antonis Tsimpiakis

Greek shipping is in the midst of an investment boom, with the country's shipowners now holding an orderbook of 818 vessels currently on order, according to the annual survey by Petrofin Research on the financing of Greek shipping.

These orders represent a total carrying capacity of 76.3 million dwt, significantly higher than the 59.7 million dwt recorded at the end of 2025, when the orderbook comprised 666 vessels. Over the same period, 77 vessels totaling 6.8 million dwt were also delivered.

It is noted that at the end of 2024, the orderbook stood at 511 vessels with a capacity of 44 million dwt.

A key driver behind the surge in the Greek shipping industry's investment rally has been bank financing, particularly from Greek banks.

Specifically, according to Petrofin Research's annual survey, bank financing for Greek shipping recorded a particularly impressive increase of 11.5%, raising the total volume of Greek shipping loans — both drawn and approved but not yet disbursed — registered in Greece and internationally, to 59.687 billion dollars at the end of 2025. This marks the second consecutive year of growth, following 2024, when the total portfolio had reached 54.51 billion dollars.

Greek banks, with the largest increase at 34%, showed strong acceleration and continued their upward trajectory.

Four Greek banks rank among the top five financiers of Greek shipping.

For the first time, The National Bank of Greece topped the list, with its total portfolio reaching 6.475 billion dollars. Eurobank followed closely with 6.2 billion dollars, while Piraeus Bank ranked third with 6.07 billion dollars.

Alpha Bank placed fifth on the list with 4.6 billion, while UBS — the only non-Greek bank in the top five — ranked fourth, with a portfolio amounting to 5.7 billion dollars.

Shipbuilding activity returns to 2007 levels

According to the latest report by Xclusiv Shipbrokers, Greek owners placed 102 newbuilding orders in Q1 2026, with a total value of approximately 10.1 billion dollars.

This represents the strongest quarterly performance on record for the brokerage and is 3.6 times the 28 vessels ordered in Q1 2025. The report noted that the intensity of this investment cycle mirrors the strong bullish sentiment that characterized the pre-global financial crisis ordering cycle.

Tankers

The tanker segment recorded the strongest performance, with Greek shipowners ordering 63 tankers worth approximately 6 billion, reflecting a clear focus on large crude carriers.

The Greek tanker orderbook has now reached 396 vessels, representing 28% of the global total.

By sector, the breakdown includes 12 small tankers, 18 Handysize/MR1, 63 MR2, 32 Panamax/LR1, 74 Aframax/LR2, 131 Suezmax and 66 VLCC/ULCC vessels.

The crisis in the Middle East, cargo rerouting, and the sustained geopolitical premium have significantly increased the value of available capacity in these segments.

At the same time, the second-hand market shows that asset prices have reached levels which, in some cases, make newbuildings a more rational investment—provided owners are willing to wait approximately three years for delivery.

Bulk carriers

In dry bulk, Greek owners placed 16 new orders in Q1 2026, with a total value of approximately 1.1 billion.

Orders for six Capesize and six Newcastlemax vessels accounted for 75% of quarterly deals, while for the third consecutive quarter there were no orders for Handysize vessels.

The Greek dry bulk orderbook now stands at 188 vessels, representing around 12% of the global orderbook.

In the gas carrier segment, 11 LNG carrier orders were placed in Q1, mainly in the 141k–200k cbm segment, with a total value of approximately 2.4 billion dollars. In addition, six LPG carrier orders were recorded.

The total Greek gas carrier orderbook has now reached 105 vessels, of which 60 are LNG carriers and 45 are LPG carriers.

In LPG carriers, Greek owners account for 45 vessels on order, or 14% of the global total, including 8 small LPG carriers, 3 Handysize, 13 MGC and 21 VLGC vessels.

Container ships

Container ship ordering remained measured but targeted. Between January and March, Greek owners ordered 12 vessels worth approximately 600 million, exclusively in feeder and Handy segments.

The total Greek container ship orderbook has now risen to 174 vessels, the highest level in recent years, representing around 12% of the global orderbook.