Perfect timing for Greek shippers

Shipowners from Greece have submitted more than twice as many orders for new vessels as any other country so far this year, making the most of the exceptionally low prices at Asian shipyards, particularly those in South Korea, which have been offering discounts to attract more orders and cover some of their debts.

According to data compiled by VesselsValue, since the start of the year Greek shippers have submitted orders for 36 new vessels, for a total investment of 1.6 billion euros. Given that prices change constantly, they have already reaped a financial benefit, because if they were to submit the same orders today their total cost would come to 1.74 billion euros, almost 140 million euros more. The Greeks have therefore taken advantage of the liquidity they enjoy to place their orders at the right moment.

The data show that Greek shipping firms are behind 30 percent...