Greek Owners Ramp Up LNG and LPG Fleet Growth With Newbuildings

Greek shipowners are increasingly growing their market share in the gas carrier segments, with significant investment commitments pointing to a bullish outlook, according to Petrofin Research. The number of Greek companies operating LNG carriers rose to 11, with the total fleet growing by 13 to 183 vessels, largely driven by newbuilding deliveries. Even stronger growth was recorded in the LPG segment, with the overall Greek-owned fleet continuing a long-term trend toward consolidation and larger fleets.

 

The LNG Fleet Growth

 

Greek owners have grown their LNG fleet. The number of operators rose to 11. Their combined fleet reached 16.7 million deadweight tonnes. The total fleet grew by 13 vessels. It reached 183 carriers.

Newbuildings drove this growth. Deliveries largely fuelled the increase. The fleet also became younger. Its average age fell to 6.4 years. This was down from 6.7 years in 2024.

 

The LPG Fleet Growth

 

The LPG segment grew even more strongly. The number of operators increased by four. It reached 20 owners. Their combined fleet grew substantially. It rose to 4.4 million deadweight tonnes.

The vessel numbers jumped notably. Larger LPG carriers rose to 104. This was up from 87 in 2024. The average age also fell. This reflected newbuilding and young secondhand investment.

 

The Overall Fleet

 

The broader fleet showed modest growth. It grew by 1 percent in tonnage. It reached 493.4 million deadweight tonnes. In absolute terms, it grew by 114 vessels. This was slower than prior years.

The fleet's profile shifted slightly. The average vessel capacity fell marginally. Larger vessels dominate the fleet. The average age also fell slightly. This reflects ongoing fleet renewal.

 

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The Consolidation Trend

 

The report highlighted consolidation. The number of companies fell by one. Larger owners are expanding fleets. Owners with over 1 million tonnes increased. Their share of the fleet reached 81 percent.

This reflects a clear pattern. Larger groups have clearer strategies. These favour growth via newbuildings. Companies with 25 or more vessels grew. Smaller companies saw their share decline.

 

The Newbuilding Commitment

 

Greek owners have invested heavily. This spans the past couple of years. Their orderbook reached 679 vessels. This totalled around 60.4 million deadweight tonnes. It marked a significant year-on-year increase.

The commitment reflects optimism. Owners remain opportunistic despite challenges. They use newbuildings and secondhand purchases. This maintains and grows their fleets. It also improves their average age.

 

The Strategic Outlook

 

The report pointed to continued growth. The fleet should grow at a faster pace. Numerous newbuildings are scheduled. These will arrive in coming years. This supports the bullish outlook.

The report explained the investment appeal. Nations view large fleets as a strength. Shipping is anchored in real assets. This may appeal more than other investments. High liquidity supports these commitments.