The number of Greek shipping companies dropped to 588 in 2024, down from 773 in 2009, marking a net loss of 185 firms over 15 years, Petrofin Research, reported LA's Greek Reporter.

Despite the decline in company numbers, the Greek-owned fleet grew in both size and capacity, adding 214 vessels to reach 488.6 million dwt, a 2.9 per cent increase from 2023.

Petrofin attributes the long-term drop to consolidation following the 2009 financial crisis. Early exits were tied to freight market collapse, while recent reductions stem from mergers and acquisitions.

Smaller firms with one or two ships are increasingly seen as non-sustainable due to economies of scale and rising regulatory costs. Environmental compliance demands more staff and systems, pushing consolidation.

The average age of the fleet rose to 14.6 years in 2024, continuing a trend since 2018. Petrofin links this to low scrapping rates, delayed deliveries and orders scheduled for 2026-2028.

Larger operators are gaining ground. Owners with 25 or more vessels rose to 60 in 2024, up from 57, while those controlling over one million dwt increased to 85, accounting for nearly 80 per cent of total Greek tonnage.

At the lower end, firms with one-two ships lost 2.34 million dwt in tonnage and market share. Operators with three-four ships rose from 116 to 122, while those with five-eight ships declined.

Some managers relocated to the Persian Gulf, notably Dubai and Qatar, to benefit from lighter regulatory and tax regimes, though Petrofin notes this remains uncommon.

Consolidation remains the key factor behind the shrinking firm count. Greek shipping continues to contribute 7-8 per cent to GDP, generating over EUR150 billion (US176 billion) in a decade and supporting around 160,000 jobs.