Greek shipowners are expected to play a defining role in the next era of global ship recycling, as tightening environmental regulations, fleet renewal strategies and growing ESG pressures accelerate the industry’s transition towards safer and more sustainable practices, according to Wirana Shipping.

The world’s oldest cash buyer said Greece’s unrivalled influence in global shipping, controlling nearly 20% of worldwide deadweight tonnage, positions the country at the centre of the sector’s shift towards Hong Kong Convention-compliant recycling solutions and greener end-of-life vessel management.

With more than 40 years of industry experience and offices in Greece, Singapore and Dubai, Wirana Shipping said the Greek market remains strategically critical to its global operations due to the country’s dominance in shipownership, strong maritime expertise and influential shipping community.

Tassos Prosios who heads up the Greek division at Wirana Shipping said. “The dominance of Greek shipping as a leading shipowning nation makes the presence of every established organisation essential in order to stay close to developments that start or evolve here in Greece.”

Greek owners are increasingly prioritising transparency, regulatory compliance and environmentally responsible recycling practices when deciding where vessels should be recycled, particularly following the entry into force of the Hong Kong Convention in June 2025, he added.

“Greek shipowners have always demonstrated a remarkable ability to navigate market cycles, maximise asset value and adapt quickly to changing commercial conditions, Mr Prosios went on to explain. “That entrepreneurial mindset remains one of the greatest strengths of Greek shipping.

“However, as our industry moves into a more sustainability-driven era, leadership will no longer be defined solely by commercial success. Increasingly, it will depend on how effectively owners balance profitability with environmental responsibility, regulatory compliance and long-term sustainability commitments.”

Despite historically low levels of recycling activity among Greek-controlled fleets in recent years, driven by strong freight rates and buoyant second-hand markets, Wirana Shipping expects recycling volumes to increase significantly over the coming decade. The company cited large newbuilding orderbooks, tightening emissions regulations and future market stabilisation as likely catalysts for higher recycling demand.

Importantly, Mr Prosios stressed that Greek shipowners are becoming increasingly selective about where and how their vessels are recycled. Since the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships entered into force in June 2025, compliance, transparency and safe recycling practices have become far more prominent considerations in owners’ decision-making processes.

“The interest is shifting towards cash buyers and yards that can deliver proper documentation and safe recycling practices, always within the latest regulatory framework,” he added.

Looking ahead, Wirana Shipping believes Greek owners will continue leading the transition towards greener recycling practices, particularly as they invest heavily in modern, fuel-efficient vessels and alternative fuel-capable fleets.