Since global financial crisis in the second half of 2008, it turns out that Greek owners have massively purchased second-hand vessels whenever there has been crisis in the air.
As Greek owners, who are known able to analyze shipping and shipbuilding market fast and accurate, can take advantage of market volatility, shipbuilding market recovery seems not so far away.
Shipbuilding/Shipping analyst Lee Sok-Je stated that Greece bought second-hand vessels in the most aggressively during Eurozone debt crisis in the second half last year.
In October 2011, overall 38 trading in second-hand market, of which 32 vessels were purchased by Greek owners.
Since Lehman Shock occurred four years ago, Greek owners accounted for 30-52.8% of second-hand purchase in H1 2009 and 64.7% in June 2010 after Greek debt crisis.
Also, Greece's purchase soared to 84.2% and 61.1% in October and November 2011 each, when Eurozone crisis threatened the financial market again in the second half last year.
Analyst Lee pointed out, "Just by a reason of Eurozone crisis, ships are possibly sold at a giveaway price to Greek owners. Look out carefully and not be disturbed by trend."
He emphasized that current situations should be thoroughly checked, including soaring demand for offshore facilities, appearances of short-supply ship types, smaller yards' facing insolvency, etc.
Seeing Greek owners, who have been aggressively raking in secondhand vessels, in these current global situations, shipbuilding industries would preferably work harder to raise newbuilding price.