ANALYSIS • GREECE
country to first seek financial aid in 2010, it has received €240bn from two initial bailouts and is due to get €86bn under the current third programme when it is rubber stamped.
Grim as the situation overall maybe, the Greek shipowning community is largely untouched by the debt crisis currently engulfing the country, but the Greek shipping cluster is feeling the squeeze on finances and jobs.
Turbulent times
Greece’s shipowners continue to thrive despite the country’s economic hardships, reports David Glass.
Greek Prime Minister Alexis Tsipras said, on March 6, the country’s economy was turning a page and poised to show ‘exceptionally high’ rates of growth.
The same day, data released by the Hellenic Statistical Authority (Elstat), revealed output slumped more than expected in the fourth quarter of 2016 and the situation looked none too bright.
Confusion. Of course the PM was putting on a brave face as the country’s lenders continued to delay a bailout review. He said a national growth strategy was needed for the country, on its third international bailout since 2010.
Piraeus and its waterfront – traditional home of Greek maritime cluster
‘For the present year the forecasts show the Greek economy will show exceptionally high rates of growth after many years of recession, the highest at a euro zone level,’ Tsipras told a cabinet meeting.
Optimistic authorities expect growth of 2.7% this year from a rebound in tourism, but revised figures from Elstat, showed the country’s GDP shrank 1.1% on an annual basis in the October-December quarter leading to a contraction of 0.05% for the whole of 2016, against a previous estimate of 0.3% growth. On a quarterly basis GDP contracted 1.2% compared to the previous estimate of a 0.4% contraction.
Estimates by the European Commission and the IMF regarding the course of the economy in 2016 had predicted growth figures of 0.3% and 0.4% respectively.
Since the debt crisis prompted the
As freight rates begin to look healthier, the Greeks seem in as good a shape as anyone. Even the shortage of bank finance and the looming costs involved in making shipping greener and politicians happier, appear to be manageable, as traditional ship operators take traditional decisions.
Ongoing tax issues and economic woes have failed to slow the growth of the Greek-controlled fleet, though the home flag has developed a leak.
Annual statistics produced by the London-based Greek Shipping Cooperation Committee (GSCC) revealed that on March 1 the fleet of ships over 1,000gt stood at a record 4,084 units of 329m dwt and 192.4m gt, a minor increase of just seven vessels but an increase of 8.166m dwt and 3.523m gt from a year earlier.
The figures include about 210 vessels of 21m dwt, on order from shipyards, though the lowest level in years, a book still worth just under $18bn.
However, the Greek flag flew from the stern of just 747 ships, of 75.21m dwt a significant loss of 62 ships and 3.74m dwt over the 12 months. In fact, the Greek flag has slipped to third choice of home owners with the fleet registered under some 41 flags, led by the Marshall Islands and Liberia.
Notably, Greek parent companies represent the 25.2% of the world tanker fleet and 16.2% of the ore and bulk fleet. Overall, the Greek owned fleet comprises 7.6% of the world¹s ships and 16.2% of its dwt.
The average age of the Greek- controlled fleet in ship terms over the past year has increased slightly but,
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seatrade-maritime.com Seatrade Maritime Review • Quarterly Issue 2 • June 2017 23
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