ATHENS – Greece’s shipping oligarch, who dominate the world’s waves but are untaxed and fly Flags of Convenience from other countries, don’t buy their ships in Greece either, and now are placing more orders from South Korean yards.

They have placed orders for 52 ships totaling 2.05 million compensated gross ton (CGT) from Korean shipyards so far in 2022, said global market researcher Clarkson Research Service.

This is equivalent to 20 percent of the orders received by Korean shipyards this year with Greece shipping magnates remaining the biggest customer for them, said Korea Bizwire.

Even when Korean shipyards were struggling, Greece did not reduce orders from South Korea, greatly contributing to helping the Korean shipbuilding industry maintain its top spot in the global shipbuilding market, the site said.

Angelicoussis Shipping Group, the largest shipper in Greece, has placed orders for 119 ships from Daewoo Shipbuilding & Marine Engineering since 1994, the largest-ever contracts between a single shipyard and shipowner.

Minerva Marine Inc. ordered two liquefied natural gas (LNG) carriers, worth 589.7 billion won (US $438 million), from Samsung Heavy Industries in November, while Atlas Marine made a deal Daehan Shipbuilding Co. to build two Aframax tankers.