Greek shipowners dominate global tanker market, building competitive gap

Existing fleet leadership

In terms of on-the-water tonnage, Greece also leads the tanker market, holding a 23% share of the global fleet, according to shipbroker Clarksons. This dominance is especially significant considering that approximately 50% of the cargo moved by Greek shipping companies is defined as “energy.”

The Greek tanker fleet is also the most valuable in the world, with VesselsValue estimating its worth at US$71.3Bn, far ahead of China, whose fleet is valued at US$47.9Bn. Despite China owning more tankers by count, Greece’s fleet specialises in larger vessel segments, which helps explain its higher market value and share.

Among the Greek shipowners who have significantly contributed to the growth of the tanker fleet are Maria Angelicoussis, Nikos P Tsakos, George Prokopiou, Nikolas Martinos, Andreas Martinos, George Economou, Angeliki Frangou, Anna Angelicoussis, Kriton Lendoudis, and the Latsis family.

Over the last few years, various geopolitical factors, such as the conflict in the Red Sea and ongoing Russian sanctions, have increased tonne-mile demand. This surge has supported earnings and contributed to the sustained high values of tankers, VesselsValue’s analysis noted in discussing the reasons behind the rising value of Greece’s tanker fleet.

Global newbuilding market

According to Veson Nautical, 2024 saw a record number of tanker newbuilding deals, with 435 vessels ordered, an increase of approximately 31% year-on-year.

“The tanker newbuild sector was particularly active in 2024, especially in the first half, as owners looked to future-proof their fleets with the latest technology and fuels,” Veson Nautical senior maritime analyst Thomas Zwick said.

While 2025 has begun with a slower pace, Mr Zwick predicts that orders will likely increase as demand remains, though matching the levels of 2024 will be challenging.

Veson Nautical data shows that the majority of orders in 2024 were in the Handy class sector, which accounted for about 47% of the total, with 204 vessels. The Aframax/LR2 sector came second, with 101 orders, followed by VLCCs (57 orders), Suezmaxes (45 orders), and Panamax/LR1 vessels (28 orders).

Chinese shipyards dominated the tanker newbuilding market, securing 322 orders. South Korea ranked second with 74 orders, followed by Vietnam (25 orders) and Japan (12 orders).

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