The Greeks control 25% of LNG capacity: German media

According to the British shipping information house Vesselsvalue, the Greeks have invested about 18 billion euros in LNG tanker orders since 2021.

“The Greeks bet on LNG tankers” is the title of Monday’s Kölner Stadtanzeiger article, which noted that “Greek shipowners currently control 31.3% of the world’s oil tanker capacity. But they are now focusing on liquefied natural gas.”

According to Vesselsvalue, Greek shipowners and shipping companies have invested about 18 billion euros in LNG tanker orders since 2021.

Greek shipowners currently control almost 25% of the world’s LNG capacity, and the trend is upward. In 2023, they ordered 35 new liquefied natural gas tankers from South Korean and Chinese shipyards. In the first four months of this year, 24 orders were placed.

At first glance, the investments in LNG ships are surprising since the demand in the EU is limited.

According to the European Commission, between 2021 and 2023, the consumption of liquefied natural gas decreased from 397 to 319 billion cubic metres, and while the demand for natural gas in Europe is decreasing, it is increasing worldwide.

In its latest forecast, energy giant Shell expects demand for liquefied natural gas to grow by 50% by 2040. This rise is mainly due to increased consumption in China, which has the highest demand in the world.

However, demand for LNG is also being boosted by India and Southeast Asian countries. Greek shipowners focus mainly on these areas when expanding their fleet.

Source: GCT–Paul Antonopoulos