“Greeks bet on LNG carriers” is the headline of today’s article in the Kölner Stadtanzeiger, which notes: “Greek shipowners currently control 31.3% of the world’s oil tanker capacity. But they are now concentrating on liquefied natural gas, or LNG for short.”

According to UK shipping news provider Vesselsvalue, the Greeks have invested some €18 billion in LNG tanker orders as of 2021. Greek shipowners currently control almost 25% of global LNG capacity and the trend is upward. In 2023 they ordered 35 new LNG tankers from shipyards in South Korea and China. In the first four months of this year, 24 orders were placed.

At first glance, the investment in LNG ships is surprising, since in the EU demand is limited. According to the Commission, between 2021 and 2023 consumption of LNG fell from 397 to 319 billion cubic metres. While demand for gas in Europe is falling, it is growing globally.

In its latest forecasts, energy giant Shell expects demand for liquefied natural gas to increase by 50% by 2040. This rise is mainly due to increased consumption in China. No other country is experiencing such high demand for LNG. However, demand for LNG is also being boosted by India and countries in Southeast Asia. Greek shipowners are mainly focusing on these regions when expanding their fleet.”