Greek shipowners still dominate Suez Canal transits despite the threat posed by Yemen’s Houthi militia, according to Veson Nautical.
Some 36.7m gt of Greek-owned tonnage passed through the canal between December 2023 and February this year, or 20.37% of gross tonnage using the waterway.
Tonnage beneficially owned by Chinese owners was the next largest with 16.8% in gross tonnage terms (24.1m gt) and Japanese-owned tonnage in third place with 13.8% (16.57m gt).
Total tonnage passing through the Red Sea between January 2023 and when attacks on commercial shipping began in November was significantly higher at 213.3m gt, but the three largest users of the waterway were unchanged at Greek, Chinese and Japanese, Veson data showed.
Greek and Chinese-operated ships were the two largest users of the Red Sea between December 2023 and February 2024 with 18.3% (33m gt) and 8.75% (15.8m gt) of gross tonnage passing through the waterway, respectively.
In third place was French-operated tonnage at 6.33% (11.4m gt), followed by Singapore at 5.8% (10.4m gt) and Denmark at 5.25% (9.5m gt).
Between January and November last year, before the attacks started, the make-up of users was, except for Greece, significantly different, according to Veson.
Greece was top with 13.76% of all gross tonnage passing through the waterway, or 181.1m gt. However, Switzerland was the second-largest user with 10.29% (135.5m gt), followed by Denmark with 7.53% (99m gt).
Singapore and Chinese-operated tonnage were in fourth and fifth place with 7.26% (95.6m gt) and 6.95% (91.5m gt), respectively.
Since 19 November 2023, the Houthis have conducted more than 50 attacks against commercial and naval vessels in and around the Red Sea, through which 15% of all global trade flows, according to the US government.
Several Greek-owned ships have been hit off Yemen since November, suffering damage but no casualties.
This has prompted some prominent US-listed Greek owners to steer clear of the shorter route between Europe and Asia.
“Going forward, we will not be passing Suez Canal any more because we are a target of the Houthis — being a public company registered in the US,” Star Bulk chief executive Petros Pappas said on a fourth-quarter conference call with analysts.
Last week, Diana Shipping president Anastasios Margaronis told investors on a conference call that Suez Canal transits are running about 40% below the first half of December last year. “This is partially the result of several operators, including ourselves, avoiding the area,” he said.
It also remains to be seen what impact Greece’s decision to participate in a European Union naval mission in the Red Sea to protect merchant ships will have.
