Greek shipowners are navigating a rapidly expanding risk landscape that now extends well beyond the deck of a ship, according to marine insurer The Swedish Club.
The club said owners must now weigh complex decisions before a voyage even begins, as geopolitical volatility, sanctions exposure, and shifting trade patterns increasingly shape how a journey unfolds. Route selection, the choice of counterparties, regional instability, and sudden changes in access to key waterways can all alter a vessel’s exposure, with knock-on effects for crew safety, cargo integrity, delays, pollution risk, and claims handling.
The Middle East remains a central concern. The Swedish Club said the situation there is now heavily influenced by tensions surrounding Iran, with the Strait of Hormuz subject to heightened military activity, vessel attacks, and disruption to commercial traffic. The club warned that such disruptions are no longer isolated events, noting that a blockage at any major chokepoint – whether Hormuz, the Red Sea, or the Suez Canal – can rapidly cascade through supply chains, freight markets, and operational planning.
Ludvig Nyhlén, regional executive director for Team Greece at The Swedish Club, said risk had become far less predictable.
“Owners are not just managing the ship – they are constantly reassessing the environment around it,” he said. “Decisions taken before a voyage, such as routing or counterparties, can now have as much impact on exposure as what happens onboard.”
The club noted that while the immediate disruptions of the pandemic years have largely eased, they have given way to a more volatile external environment in which risks can escalate rapidly, often beyond an owner’s direct control.
Despite this, The Swedish Club reported stronger operational performance within its Greek portfolio. Claims frequency has fallen by nearly 25% since the pandemic, while average claims costs have improved by around 30%. P&I claims frequency has also declined, suggesting owners are managing core operational risks more effectively even as external pressures mount.
Thomas Nordberg (pictured), chief executive of The Swedish Club, said the pressures surrounding a voyage are now “broader and faster-moving” than in the past.
“Our role is to help our members mitigate risk before it happens by supporting them in staying ahead of it through better insight, earlier engagement, and a deeper understanding of the environment around each voyage,” Nordberg said.
