The Greek Shipowners’ Association of London (Greek Shipping Cooperation Committee - GSCC), as the global order book for newbuilds has surged to its highest levels in history.
In his annual report, GSCC President Haris Fafalios warns that the intense ordering activity for tankers, bulk carriers, containerships, and gas carriers may lead to a significant renewal of the global fleet, but at the same time increases the risk of creating excess capacity in the coming years.
These observations come at a time when, according to Clarksons data, the global order book has reached 202.1 million cgt (note: the shipbuilding unit cgt—compensated gross tonnage—reflects both the size and complexity of ships under construction and is used internationally to measure shipyard activity), surpassing even the previous all-time high set in 2008. Major Greek shipowners have also contributed to this explosive growth, led by groups such as Dynacom, Capital, and Tsakos.
At the same time, Haris Fafalios called for greater flexibility from regulatory authorities regarding ship scrapping, arguing that ships subject to sanctions are typically older and have lower maintenance standards and should be able to be sent to scrapyards more easily.
At the same time, he called on the authorities to resolve the inefficiencies caused by the coexistence of different international regulations on ship recycling, which increase the cost and complexity of the process.
The GSCC president also reiterated his reservations about the IMO’s zero-emissions framework, emphasizing that the shipping industry should be encouraged to continuously improve its efficiency rather than being burdened with measures that act as penalties on the sector.
In fact, Mr. Fafalios emphasized that the recent turmoil in the Middle East has once again highlighted the critical role of shipping in the smooth functioning of the global economy. As he noted, the industry ensured that markets continued to be supplied with energy, raw materials, and essential goods, playing a decisive role in sustaining economic activity.
“Shipping kept the lights on, cars on the roads, and planes in the air, and ensured the supply of fertilizers essential for agricultural production,” he noted, emphasizing the sector’s strategic importance during periods of geopolitical uncertainty.
During the annual general meeting, the members of the Greek Shipping Cooperation Committee re-elected Haris Fafaliou as chairman until June 2028. At the same time, they elected Konstantinos Karousis, Yiannis Lyras, and Nikolaos Tsakos as vice presidents of the organization for the next two years.