Greek shipowners control 21 per cent of the world’s merchant fleet with 5,520 vessels, maintaining their lead as the largest shipping power globally.

Fleet capacity has grown by 50 per cent over the past decade, showing both resilience and strategic adaptation to shifting trade patterns.

According to Greek news outlet Newmoney, the sector now accounts for 31.27 per cent of the global oil tanker fleet and 25.32 per cent of bulk carriers, while also holding 22.65 per cent of the liquefied natural gas fleet.

In addition, Greek shipping represents 15.79 per cent of the chemical and petroleum product fleet, 11.46 per cent of LPG carriers and 8.92 per cent of container ships.

Crucially, Greek-owned vessels dominate cross-trade activity. More than 98 per cent of their transport capacity is deployed on routes between third countries, giving Greece an outsized role in the global supply chain.

Fleet renewal is also gathering pace. Orders for new ships reached 241 in 2023, a 40 per cent increase compared with the previous year.

Much of the investment is directed towards vessels with improved environmental performance, underscoring the industry’s shift towards greener operations as international regulations tighten.

At the same time, the preference for scale remains clear. The average size of Greek-owned vessels stands at 81,395 deadweight tonnes, almost double the global average of 45,337 dwt.

Larger ships allow economies of scale and more competitive transport costs, strengthening their position in long-haul trade.

Moreover, the Greek fleet is among the youngest worldwide, with an average age of around 10 years compared with the global average of 11.

While Greece leads on tonnage, Cyprus plays a complementary role as one of Europe’s top maritime management centres.

According to Deputy Shipping Minister Marina Hadjimanolis, she said that “expanding the Cypriot registry remains a top priority for the government,” pointing to an 18 per cent increase in gross tonnage over the past 16 months and a 15 per cent rise in companies joining the tonnage tax regime.

She also emphasised Cyprus’ push for innovation and greener operations. Hadjimanolis noted that “the digitalisation of the services of the Deputy Ministry of Shipping is progressing satisfactorily,” with new services expected by the end of May 2025.

On the global stage, she argued that “the real value of the Cypriot flag becomes evident during difficult times,” citing overseas offices and hands-on support as key assets. Shipping, Hadjimanolis added, contributes close to 7 per cent of GDP.