Greek Shipping Industry Claims Potential to Lead Recovery

The Union of Greek Shipowners and the Foundation for Economic and Industrial Research (IOBE) have expressed belief that the country's shipping industry remains strong and could potentially lead the economy to recovery.

The recent Greek Shipping Co-operation Committee study, which identified recent flag movements within the Greek-owned fleet, found that ownership numbers have remained stable even in the face of financial downturn and ministry reorganizations.

Lloyd's List states, "From February 2008 to today, the fleet’s carrying capacity has increased by 1.7%. Measured from its lowest ebb in February 2010 to its new peak, the carrying capacity of the fleet has varied by a mere 2.8% in six years, which is remarkable given events during that time."

Further, the IOBE study found "shipping contributes more than 4% of the country’s gross value-added, but could double its contribution to as much as €26bn ($33.8bn) a year" (x).

The organization explains that the development of Greece's shipping industry could spur a stimulus effect on other sectors of the economy.

Thus, the country's shipping community is calling for government support for the industry, to which the Ministry of Shipping seems to be responding.