Greek shipping sector sees decline in company numbers and shift to conventional fuels

Research from Petrofin Research indicates a shift in the Greek shipping sector, characterized by a decrease in the number of shipping companies and a pivot toward conventional fuels in new vessel orders.

The number of Greek-owned shipping companies reached a 20-year low in 2025, with 587 companies recorded, reflecting a trend of industry centralization. Despite this, the Greek-owned fleet expanded by 1% in deadweight tonnage (dwt) over the past year, reaching 493.4 million dwt and a total of 6,822 vessels. The average age of the fleet stands at 14.5 years.

Regarding fuel types, there is a notable move away from alternative propulsion. The Greek orderbook for vessels using conventional fuels (IFO) saw significant growth, increasing from 429 vessels (40.9 million dwt) in June 2025 to 678 vessels (81.6 million dwt) by July 2026. Consequently, conventional fuel vessels now represent 86% of the Greek orderbook by capacity, up from 76% a year prior.

Conversely, the share of LNG-capable vessels in the orderbook dropped from 21% to 12%. Other alternative fuels remain minimal: LPG-powered vessels hold approximately 2% of the orderbook, while methanol-powered vessels saw their share decline from 1% to 0.3%.