Marine Money: Watch the Greeks

“In 1995, Greece was the third largest flag state for tankers with over 200 vessels over 30,000 DWT registered.  Today, that number has increased to 335 tankers, but accounts for roughly the same percentage of the total fleet. . . . The current tanker orderbook numbers in excess of 1,100 vessels above 30,000 DWT.  Greek shipowners account for around 160 vessels, or 15% of this book.  Greek exposure to newbuildings is less on a percentage basis than the size of the existing fleet, suggesting a possible insight . . . . “