THE VITAL ROLE OF SHIPPING
Shipping in the global scene
Shipping: the essential vehicle of global economy
Maritime transport is a prerequisite for the well-being of billions of people worldwide, as it carries almost 90% of the traded goods.
In 2024, seaborne trade increased globally by 2.1% compared to 2023, reaching 12.6 billion tonnes. The largest part of the quantities transported were related to the dry bulk (45.5%) and the tanker (23.9%) sectors[1].
In terms of total transport work (i.e. taking also into account the distance travelled), the bulk/tramp sector accounts for almost 85% of total tonne-miles.
All shipping sectors have seen a significant rise in tonne-miles compared to 20 years ago. It is worth noting that, while dry bulk trade was already the largest sector in 2005, it grew even further and more than doubled[2].
Shipping is indispensable to the global economy, ensuring the steady flow of essential goods to people around the world.
Greek shipping: a global leader
Greek shipping, with 5,691 ships, accounts for around 20% of the global capacity in deadweight tonnes - dwt, making Greece the world’s largest shipowning nation.
The Greek-controlled merchant fleet has shown extensive growth, having increased its capacity by more than 42% since 2015.
Greek shipping is predominantly engaged in the bulk/ tramp sector, while also being the largest cross-trader in the world. In 2024 alone, Greek vessels called at 176 countries around the globe[3].
The bulk/tramp sector carries staples, such as food, raw materials and energy products and is itinerant in nature. This implies that the Greek-controlled fleet has a high degree of flexibility and responsiveness to changing market conditions.
Greek shipping is a major facilitator of global trade with a reliable, responsive and resilient fleet.
Building a greener future through maritime transport
Shipping is one of the hardest-to-decarbonise sectors, yet it has shown impressive results in reducing its carbon footprint.
While global seaborne trade has grown by 7.4% between 2019-2023 (in terms of tonne-miles), the carbon intensity of the global fleet has dropped by 9.7% during the same period.
In terms of Greenhouse Gas (GHG) emissions, most recent data show that international shipping accounted for 1.4% of total global emissions in 2023. Although it serves the needs of all nations around the world, its GHG emissions are less than one-twentieth of those produced by the world’s highest-emitting country[4].
These notable achievements in the environmental performance of international shipping, also hold in the context of the European Union (EU). Between 2008-2022, CO2 emissions from shipping in the EU dropped by 22% in absolute terms. For the same period, while CO2 emissions from the transport sector have risen from 28.5% to 34.6% as a share of total emissions in the EU, shipping has seen its share fall from 16.8% to 14.2%[5].
Shipping has managed to improve its energy efficiency and remain the most climate-friendly mode of transport, due to the vast investments in new vessels and retrofits which incorporate green innovations.
Greek shipowners have been at the forefront of these developments, with a constantly increasing orderbook, currently at 56.2 million dwt, compared to 14.4 million dwt in 2021. During the last 5 years, the number of vessels on order from Greek shipowners has increased by more than 5 times[6].
The Greek-owned fleet is also the largest alternative fuel capable fleet in the world, the largest SOx scrubber-fitted fleet, while also having higher shares of advanced environmental equipment fitted on the vessels than the world average.
Shipping remains the most efficient mode of transport and Greek shipping is driving progress in reducing GHG emissions.
[1] Clarksons Research, Seaborne Trade Monitor, April 2025
[2] Clarksons Research, Shipping Intelligence Network, April 2025
[3] “Greece-owned merchant fleet navigates shifting trade lanes”, Lloyd’s List, 28/5/2025
[4] Crippa, M., et. al., GHG emissions of all world countries, Publications Office of the European Union, Luxembourg, 2024
[5] European Commission, EU Transport in Figures, Statistical Pocketbook 2024
[6] UGS calculations, based on data from S&P Global Market Intelligence, February 2025 & UGS Annual Reports, 2021-2024