Shipping passengers must have noticed this summer that the vessels they are traveling on are getting old. Even though maintenance is good, the fact remains that the average age of Greece’s passenger shipping fleet is 31, with many vessels having topped 40.
It is not just age that will make replacements inevitable; from 2029 onward, the entire shipping fleet will be under the obligation to join the EU’s Emissions Trading Scheme, buying emissions allowances to compensate for the pollutants they emit. Ordering more environmentally friendly ships must start happening in the next two to three years, since it takes about three years from order to operation.
Conservative estimates are that it will require at least €3 billion to renew the fleet, while the Hellenic Shipping Chamber believes that up to €10 billion will be needed.