Greek Shipping Rules the Waves

News — By on May 22, 2012 at 4:58 PM

We have devoted many articles on the world’s number one shipping nation, as well as the current upheaval vis-a-vis the Greek issue, the Euro, the Greek elections et al. Today we bring you live the short interview of our editor John Faraclas to CNBC’s Julia Chatterley.

In a nutshell, the Greek shipping industry is the most important pillar of Greece’s economy for more than ten millenia. It is a reality and not a myth that Greek shipping controls twenty percent of the world’s fleet and 40 plus percent of the European fleet and it is involved in all aspects of Greek life. This young fleet has an average of ten year old ships versus twenty just ten years ago! Reality bites! Greek shipping keeps the world’s yards busy. Greek shipping is the nucleus of existence of Hellenism! Moreover, the twenty billion dollars that enter Greece’s coffers in the good market and the ten billion in the bad shipping market is the evidence of this supremacy and, if the law changes, more funds will enter Greece from shipowners despite the abolition of the Ministry of Mercantile Marine and the split with the Coast Guard.

Watch the video below and tell us your views:


  • Michael E. Kavanagh says:

    I fully agree with you John regarding Shipping, I cannot comment on the Greek economy in general as I do not know enough about it but, Shipping, and Greek shipping in particular, is a global industry in my book.

  • Chara Kanellou says:

    A lot of studies illustrate the significance of the high records in greek shipping as the ones aforementioned in the short interview above. Greek shipping is of great importance for Greek economy providing benefits such as employment opportunities for seafarers and for employees in the maritime clusters as well. That`s the case and always was.Even before coming in Euro Zone, since the freight rates are not affected by euros or drahmas but by supply and demand for global trade. Regarding the privitization, I disagree in the point that this is the only case, and that a full privatization system can be absolutely efficient. However, in the present case of the political environment in Greek reality, may the 75% privatization of Piraeus port is a good solution in a manner of sustainability in the sector.

  • Very well evidenced views. Persuasive and to the point!

  • I fully agree, shipping is predominant for Greeks and more than 240 mil. dwt owned means thousands onshore employees as far as Ports Privatization may bring benefits for supply logistic chain boosting the economy recovery. as you remind Greece represents a strategic crossways in Med Region like Turkey. as you see Turkish Ports Privatization was a success for Turkey driving the GDP growth.

    Fabrizio Vettosi

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