Greek shipowners never tire of comparing the green transition that shipping faces today with the historic shift from sail to steam.
The way they handled that transition offers a clue as to how they view the current one.
Greek owners were far from being the first to adopt steam. They waited until steamships offered a clear-cut commercial advantage compared with their sail ships before jumping into the market.
It was a classic act of leapfrogging.
Greeks largely skipped the early, inefficient steam engines. They also ignored the last generation of sail ships that notched up some astonishing but ultimately pointless improvements in performance.
There is little doubt that many Greek shipowners would prefer a similarly gradual transition into decarbonised shipping and believe that decarbonisation targets are still plucked out of thin air.
Their main argument is that the 21st-century equivalent of the steam engine has yet to be discovered. Until they are convinced they have found it, they are unlikely to make large fleet moves.
Most of them are already at the forefront of ordering highly efficient eco ships available under current technologies.
This shows in fleet numbers. According to Greek Shipping Cooperation Council figures, based on IHS Markit data, the average age of the Greek-controlled fleet stands at 12.1 years — 2.4 years below the global average.
But when it comes to more innovative, untried technologies, Greeks move carefully — some would even say slowly.
One of the few companies to shift into ammonia is Avin International, which ordered what could be the world’s first ammonia-ready suezmax.
Most players are still weighing their options. Tsakos Energy Navigation, a player known for conservative moves, said in March that it had set up a special working group to examine LNG, ammonia, hydrogen and other alternatives.
Others make moves that are commendable, but incremental. On 29 March, Prime Marine announced it was the first ship manager to offset the emissions of its head office.
Most Greek owners are waiting for shipyards, engine manufacturers and oil refiners to provide the answers.
“Shipowners order ships the same way private individuals buy cars,” the Union of Greek Shipowners said in its latest annual report.
This article is part of a series of stories looking back at the history of Greek shipping, on the occasion of the 200th anniversary of the country's independence
