185 Greek Shipping Firms Shut Down in Long-Term Decline
The number of Greek shipping companies fell to 588 in 2024, continuing a long-term decline from 773 firms in 2009, a net loss of 185 companies over 15 years, according to Petrofin Research. At the same time, the Greek-owned fleet increased in size and capacity, adding 214 vessels across all types to reach 488.6 million dwt, up 2.9% from 2023.
Why is there a discrepancy in Greek shipping?
The long slide in company numbers began after the 2009 financial crisis. While early exits were linked to the freight market collapse, the latest reductions reflect consolidation through mergers and acquisitions, Petrofin’s data indicate.
Market concentration is being driven by the search for scale and the costs of complying with tighter environmental rules imposed by governments and authorities. “The decline of companies with one or two ships continues,” Petrofin notes, calling that fleet size “non-sustainable in the long run” because of diseconomies of scale and higher regulatory burdens that require more staff and systems.
Meanwhile, the fleet’s average age went up to 14.6 years in 2024, extending a trend that began in 2018. Petrofin links this to low scrapping, slower deliveries of larger vessels and orders scheduled for 2026–2028. Even so, overall capacity increased, showing how Greek shipping companies have expanded tonnage despite a thinning number of corporate firms.
Fewer firms, bigger firms
Scale effects are visible at the top end. The cohort of owners with 25 or more vessels reached a record 60 in 2024, up from 57 a year earlier, and their collective capacity jumped by 16.5 million dwt. Owners controlling more than one million dwt rose to 85 (from 83), accounting for 79.98% of total Greek tonnage, levels broadly stable since 2017.
At the smaller end of the market, consolidation is reshaping the distribution as companies try to survive in an ever-expanding, competitive, global environment. Firms with one–two ships lost ground in both tonnage (down 2.34 million dwt) and market share, while the group operating three–four ships increased from 116 to 122, as some micro-operators moved up a tier. Companies with five–eight ships shrank as a group; mid-sized fleets largely held steady.
Some managers have shifted operations to the Persian Gulf to benefit from lighter regulatory and tax regimes. These are most commonly in Dubai or Qatar, though Petrofin stresses this is not the norm.
The principal driver behind the falling headcount of Greek shipping companies remains consolidation, even as the nation retains its status as a leading global maritime force. Greek shipping added 7–8% to GDP and over €150bn in a decade, as the sector supports about 160,000 jobs in Greece, roughly 10% of the private payroll.
Related: Greek Shipping Retains Its Global Leader Status in 2024-2025
Business Wire
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