World’s premier shipping event

A record year-on-year increase in Greek newbuilding orders fuelled by strong economic growth in the far east and insatiable Chinese and Indian energy demand is already turning the focus of the international maritime industry to Athens this summer for the 21st edition of Posidonia Exhibition, the world’s premier shipping trade event.

With over US$ 50 billion in committed investments for the renewal of the Greek-owned fleet announced in 2007, double the amount invested in the previous year, and almost two-digit annual sustainable growth rates in a region that holds almost half of the world’s population, the global shipbuilding industry, equipment suppliers, other vertical sectors and the second-hand ship market are all turning their radars to the biennial event slated to be the biggest in its 40 year-old history.

The potential opening of Greece’s biggest ports to foreign investors has also enticed the interest of major Chinese and Arab funds competing for a stake and management access of Piraeus’ lucrative container transshipment hub strategically situated at the crossroads of three continents.

“Despite a downturn in the US economy, the general global economic conditions favour an even stronger shipping industry and the appeal of Posidonia 2008 reflects what can only be described as the most exciting period for the world’s maritime community in recent memory,” said Nana Michael, Managing Director, Posidonia Exhibitions, the organiser of the event to be held from 2-6 June at the Hellenic Exhibition Centre (HEC).

Mrs. Michael said that Posidonia will this year see a record number of more than 16,000 trade visitors as exhibitor commitments have already surpassed the 1,600 mark of the 2006 edition.

“Stronger demand has led to a 1,000 square metres increase in floor space to reach 27,500 square metres, the biggest in Posidonia’s history, as traditional participants have booked more space and a considerable number of first-time exhibitors making their event debut this year.” 

Greek shipowners’ confirmed investment in newbuilding projects reached just under $32bn in 2007 while another $16.94bn was spent in the second hand ship market. In fleet terms this investment in 2007 corresponds to a newbuilding orderbook of 556 ships. Bulk carrier orders accounted for 371 vessels of 36.6m dwt, compared with just 74 units of 6.4m dwt contracted in 2006.

“By comparison, 2006 saw newbuilding orders by Greek shipowners of around US$ 25 billion, a figure which has been dwarfed by last year’s historic levels that is expected to catapult the might of Greece’s maritime industry to new heights,” said Michael.

The Greek-owned fleet has increased by more than 50% since 1994 in a 14 year period when the average global shipping industry growth stood at a modest 9%. Today Greeks control 4,200 ships, in the water and on order, of some 250m dwt, and have a current orderbook of over 850 ships of 67m dwt.

Posidonia 2008 is sponsored by the Ministry of Mercantile Marine, The Aegean and Island Policy, the Municipality of Piraeus, the Municipality of Hellenikon, the Hellenic Chamber of Shipping, the Union of Greek Shipowners, the Greek Shipping Co-operation Committee, the Mediterranean Cargo Vessels Shipowners Union, the Association of Greek Coastal Shipping Companies and the Association of Greek Passenger Shipping Companies.

Source:Transportweekly