Greek Shipping Enters New Era as Ship Orders Surpass 1,000

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Greek shipping is entering a new phase in its relationship with Greece’s capital market, as parallel listings on Euronext Athens — the Athens stock exchange, now part of the wider Euronext European exchange group —, planned IPOs and a major fleet renewal programme reshape the industry’s financing landscape.

At the same time, Greek shipping interests now have 1,003 ships on order, highlighting the scale of investment by Greek shipowners in newer, more efficient tonnage. The figure represents about 16.7% of the global orderbook across dry bulk, tankers, containerships and gas carriers, according to Xclusiv Shipbrokers.

According to George Xiradakis, president of the Association of Banking and Financial Executives of Hellenic Shipping, strong cash flows, high profitability and fleet renewal are driving the investment.

“The main reason is the cash flow and profitability that has been created in the shipping markets,” he said, while noting that major Greek companies have prepared for the next phase by investing in newer and more modern vessels.

Greek shipping strengthens its presence in Athens

The picture now differs significantly from the past.

Despite its strong international presence, Greek-owned ocean-going shipping had for years maintained only a limited direct presence on the Greek stock market.

That is changing as companies with international stock-market listings establish parallel listings in Athens, listed Greek companies expand into commercial shipping and new companies prepare to raise capital through the domestic market.

Today, four companies with a direct shipping footprint trade on Euronext Athens: Safe Bulkers and Star Bulk Carriers in dry bulk, Attica Holdings in passenger shipping, and Y/KNOT Invest, which occupies a particularly important position in this development.

Y/KNOT Invest made its move in the summer of 2025, before Safe Bulkers and Star Bulk Carriers followed with their parallel listings.

The company gradually expanded its business beyond yachting.

Its first move into ocean-going shipping came in dry bulk through a bareboat charter agreement for the FEDERICA, a 37,000-DWT vessel built in 2012.

During its first 50 days of operation, the initial charter generated more than $700,000 in revenue. A new agreement then followed at a daily rate of $15,500.

In April 2026, Y/KNOT took its next step by raising €22.8 million through a share capital increase. The issue was fully covered, with demand reaching 1.5 times the amount offered and giving the company additional capital to pursue its investment strategy.

Two months later, the company expanded into tankers through Y/Amethyst Inc., agreeing to acquire a 105,599-DWT Aframax tanker for $44.1 million.

The AMETHYST became the company’s second major entry point into another shipping segment.

Y/KNOT also developed a presence in maritime trading, completing a cargo transportation agreement with ArcelorMittal from Brazil to Germany that generated approximately $1.44 million in revenue.

The business model therefore extends beyond ship ownership and operation to combine ship ownership with maritime trading.

Y/KNOT Invest chairman Regas Tzortzis has said the company aims to become a “reliable point of reference”, demonstrating that shipping can combine its international character with an organised listed structure in Greece.

Safe Bulkers opens the door to dual listings

The next major development came on June 2, 2026, when Safe Bulkers, controlled by Polys Hajioannou and already listed on the New York Stock Exchange, completed its parallel listing on Euronext Athens.

A total of 101,826,580 common shares began trading in Athens at a reference price of €5.70, giving the company an initial market capitalisation of approximately €580.4 million.

The move went beyond a second listing. A major Greek-linked international shipping company now had a simultaneous presence in both New York and Athens.

Safe Bulkers presented the dual listing as a strategic move to broaden its European investor base, improve access to institutional and private capital, and strengthen the connection between international capital markets and the Greek shipping community.

Hajioannou said Safe Bulkers wanted to help transform Athens into a shipping-finance centre within the Euronext platform, describing the dual listing as a “bridge” between international capital markets and regional investors.

Star Bulk follows

The trend strengthened in September when Star Bulk Carriers, founded and led by Petros Pappas and one of the world’s largest dry-bulk companies, also chose Euronext Athens for a parallel listing after already trading on Nasdaq.

The Athens listing included 111,671,386 existing shares and 4.4 million new shares. The offering price stood at €24.50, allowing the company to raise €107.8 million and giving it a market capitalisation of approximately €3.14 billion at listing.

Pappas described the parallel listing as a milestone for Star Bulk and “a new beginning for Greek shipping”, arguing that the sector was taking a more active role in Greece’s capital market.

Capital Maritime Finance prepares IPO

Interest in the Greek market is also growing through Capital Maritime Finance Corp., associated with Evangelos Marinakis, which, according to information cited in the report, has announced plans for an IPO.

Unlike Safe Bulkers and Star Bulk, the Capital Maritime Finance case involves a new listing rather than a dual listing, with Euronext Athens at its centre.

The company focuses primarily on containerships. After completing its shipbuilding programme, it is expected to have 36 vessels: 13 in operation and 23 under construction.

The fleet will comprise 26 feeder containerships with capacities of 1,800–2,900 TEU and 10 Neo-Panamax dual-fuel LNG vessels.

According to the figures in the report, the company has approximately $3.9 billion in contracted revenue, with an average remaining charter duration of 9.5 years and 100% secured fleet employment.

Through the IPO, the company aims to raise up to €200 million to finance its shipbuilding programme and provide working capital.

Why the shipping sector is turning to Athens

Xiradakis, chief executive of XRTC Business Consultants and president of the Association of Banking and Financial Executives of Hellenic Shipping, attributes the new activity to a combination of high profitability, strong cash flows and extensive fleet renewal.

He said companies considering or pursuing dual listings are currently in a strong financial and operational position.

“The main reason is the cash flow and profitability that has been created in the shipping markets,” he said, adding that major Greek companies have also invested in modern and newbuild vessels as they prepare their fleets for the green transition.

The age and quality of their fleets also provide an additional buffer against market volatility, according to Xiradakis.

Even if freight rates fall, companies operating newer and more efficient vessels have greater resilience and can better absorb market shocks.

He also highlighted the importance of the companies’ established presence on major international stock exchanges.

Their long-standing international market presence, he said, provides an additional element of credibility for investors.

“The fact that they are companies that have been tested for years on international stock exchanges attracts mature investors and, consequently, the wider investment public. Their credibility has already been assessed abroad,” he said.

Dual listings allow these companies to retain access to major international markets while simultaneously building a presence among Greek investors.

Xiradakis nevertheless distinguishes this shift from geopolitical and trade developments.

Geopolitical developments have increased shipping revenues by reshaping trade flows and extending shipping distances, he said, but they do not by themselves explain the companies’ decision to list in Athens.

The underlying factors are clear: strong cash flows, modern fleets, improved access to capital and companies that have already passed the test of international stock markets.

Against this backdrop, Euronext Athens is seeking to fill a gap that has existed for decades by bringing one of the most powerful and internationally oriented sectors of the Greek economy back into the country’s stock-market ecosystem.

Greek shipowners lead major newbuild investment

Greek shipowners also maintain a powerful position in the global newbuilding market.

According to Xclusiv Shipbrokers, Greek interests now have 1,003 vessels on order across dry bulk, tankers, containerships and gas carriers.

Those orders account for approximately 16.7% of the global orderbook across the four sectors.

Greek interests placed 408 new orders during 2026 alone, representing approximately 21% of global activity during the year, according to Xclusiv Shipbrokers.

Tankers dominate Greek investment choices by a wide margin.

The Greek tanker orderbook stands at 463 vessels, while Greek owners placed 202 new tanker orders during 2026 — approximately 32% of global tanker ordering activity.

Suezmax vessels account for the largest Greek presence, with 130 ships on order, including 49 ordered during 2026.

They are followed by VLCC/ULCC vessels, with 105 ships in the Greek orderbook and 68 new orders during the year. Greek interests also maintain a strong presence in Aframax/LR2 and MR2 tankers.

In dry bulk, Greek orders total 209 vessels, including 88 new orders in 2026.

Greek interests have an especially strong position in Capesize vessels. Of the 33 Capesize orders placed globally during 2026, Greek interests accounted for 23 — almost 70%.

Greek companies also have significant activity in containerships, with 233 vessels in their orderbook, including 83 new orders in 2026.

In gas carriers, Greek interests have 98 vessels on order, with 35 ordered during the current year.

Xclusiv Shipbrokers attributes the increased investment activity to a combination of strong freight rates, higher cash flows, elevated second-hand vessel values and the need to renew the global fleet with newer and more energy-efficient ships.

The combination of fleet investment and renewed access to the Greek capital market marks a significant shift for Greek shipping, bringing the country’s internationally dominant maritime sector closer to the domestic investment community while giving shipowners another channel for financing future growth.

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