GGreece - Shipping and Marine Services

 

 

 


This is a best prospect industry sector for this country. Includes a market overview and trade data.


Last Published: 7/12/2017

Overview

Greek-interest controlled shipping has continued its growth, with the number of Greek controlled vessels rising to 4,092 (vessels exceeding 1,000 Gross Tonnage).  Shipping counts second only to tourism in Greece in terms of economic contribution, contributing an estimated 7% to the country’s GDP and employing over 190,000 people.  Unlike other industries in Greece, shipping’s business cycle traditionally follows global trends driven by the world’s transportation needs, and it remains largely immune from the economic and political instabilities in Greece.  Although low crude oil prices have been boosting refinery utilization, the recent rock-bottom level of dry bulk suggests a very slow and painful recovery due to unfavorable trading conditions, large order books, and pressure to delay newbuild deliveries.


 Greece currently possesses the largest merchant marine fleet in the world, with the Greek flag fleet ranking fifth internationally and first within the EU in terms of DWT.  Greek’s control 4,092 ships of various categories, with a total of 320,597,574 DWT and 188,904 GT.  The fleet registered under the Greek Flag has decreased slightly, now comprising 809 ships of 78,948,501 DWT and 46,049,729 GT.  Greek ship owners, however, rank first in terms of both new tonnage and new build fleet value, bringing vessel ages well below the international average.  Greek ship owners have been moving into more sophisticated LNG and LPG carriers, offshore supply vessels, and container ships.  It is alleged that ship owners with significant stakes in drill ships are now experiencing difficulties.  The question of choosing the right moment and the right technology to upgrade their fleets for efficient and environmentally friendly operations is becoming even more important.


 
TABLE 1: GREEK CONTROLLED SHIPPING


Greek- owned ships registered under various flags (ships over 1000 gt)
 

Date

 

Ships

DW

GT

March

1988

2,487

85,047,436

47,269,018

March

1989

2,428

81,928,296

45,554,419

February

1990

2,426

84,439,159

46,580,539

March

1991

2,454

87,102,785

47,906,852

March

1992

2,688

98,218,176

53,891,528

March

1993

2,749

103,958,104

56,918,268

March

1994

3,019

120,650,373

66,342,046

March

1995

3,142

126,128,352

71,666,943

March

1996

3,246

129,737,336

75,156,763

March

1997

3,204

127,782,567

74,982,110

February

1998

3,358

133,646,831

78,900,843

March

1999

3,424

139,255,184

83,454,890

March

2000

3,584

150,966,324

90,227,491

March

2001

3,618

168,434,370

100,220,348

March

2002

3,480

164,613,935

98,195,100

May

2003

3,355

171,593,487

103,807,860

March

2004

3,370

180,140,898

108,929,135

March

2005

3,338

182,540,868

109,377,819

March

2006

3,397

190,058,534

113,603,803

February

2007

3,699

218,229,552

129,765,470

February

2008

4,173

260,929,221

154,599,274

February

2009

4,161

263,560,741

156,214,619

February

2010

3,996

258,121,898

152,616,046

March

2011

3,848

261,675,981

153,128,919

March

2012

3,760

264,054,167

155,904,976

March

2013

3,677

265,336,520

155,988,384

March

2014

3,901

290,847,132

170,984,684

March

2015

4,057

314,456,451

184,063,875

February

2016

4,092

320,597,574

188,904,194

March

2017

4,085

328,763,767

192,430,519

 

 

 

 

 

 

Source: Greek Shipping Co-operation Committee based on data from the Lloyd’s Register


 
Greece’s extensive coastal waterways and its geographic location have traditionally served as a gateway to the central Balkans and the Middle East as well as a passage to the Black Sea.  This generates opportunities for U.S. firms and demand for maritime transportation services and products and services with maritime application.  The Port of Piraeus, located adjacent to Athens, serves as a primary crossroad between East and West.  The Greek Government initiated modernization of the port in 2010, and in 2013 granted China’s COSCO the management of the container operations for 35 years under a €4.3 billion contract.  Additionally, COSCO was selected as the preferred bidder for a 67% stake in the Piraeus Port Authority (OLP) for €368.5 million, and the concession agreement, which was signed April 8, 2016, is proceeding smoothly.


 Greece has also sold 67% of the shares of the Port of Thessaloniki, in which Deutsche Invest Equity Partners acquired 47% and Belterra Investment, controlled by Greek-Russian businessman Ivan Ignatyevich Savvidis, acquired 20%.  Greece’s Hellenic Republic Asset Development Fund (HRADF) intends to privatize ten of Greece’s  smaller ports operating in the form of corporations, namely the ports of Volos, Rafina, Igoumenitsa, Patras, Alexandroupolis, Heraklion, Elefsina, Lavrion, Corfu, and Kavala.  The HRAF holds 100% of these port companies, which have rights to operate them until 2042. 
Further information may be found in the following link: HRADF
 
Domestic business interests dominate this sector; however, foreign competition is increasingly active in partnership with Greek companies.  While British and Dutch interests are strong, U.S. marine equipment and service providers continue to be well represented.  U.S. businesses should be aware that Greek ship owners become personally involved in most buying decisions.  This applies also to those Greek ship owners who live and operate outside of the country, because they often process their decisions through their offices and trusted staff in Greece.

Despite the turmoil caused by the global financial crisis, many Greek-owned shipping companies appear to continue to possess sufficient liquidity to be able to re-enter the market with even more modern, larger, and more efficient vessels.


 Globally, Greek ships are registered under over 40 national flags, with 18% of vessels globally flying the Greek flag.  The Greek flag lost 62 ships over the last year.  The flags that gained Greek-owned ships were Marshal Islands - 74, Liberia - 31. Cyprus – 13, and Malta - 4.  Greek ship owners are the leading customers of the world’s shipyards, purchasing their ships from Japan, South Korea, China, Germany, and to a lesser extent from France and Italy.


 
As shipping in Greece is a predominantly family business for Greeks, it is sometimes hard to know who exactly the largest industry players are.  This may occur because the assets of the ship owners may suddenly become separated or merged, rearranging the picture.  Also, it is worth noting that it is the family names of the ship owners that are usually known throughout the shipping business communities and not so much the names of companies through which the fleets are managed.  Greece continues to be on top of worldwide shipping in 2016, while 13 Greek ship owners stand among the 100 most important in the industry.  Greek shipping continues to lead the world, with Japan coming second and China third.  According to the “Lloyd’s List one Hundred”, there are 13 Greeks amongst its listing of the “One Hundred most influential people in global shipping”:


 
#7. John Angelicoussis, Angelicoussis Shipping Group
#12. George Prokopiou, Dynagas
#19. Angeliki Frangou, Navios
#20. George Economou, DryShips
#23. Peter G. Livanos, GasLog/Ceres Shipping
#35. Petros Pappas, Star Bulk
42. Nikolas Tsakos, Tsakos Energy Navigation
#50. Kostis Konstantakopoulos, Costamare
#53. Theodore Veniamis, Union of Greek Shipowners
#60. Peter Georgiopoulos, Gener8 Maritime
61 Evangelos Marinakis, Capital Maritime & Trading
81 John Platsidakis, Intercargo
95. Simos P. Palios, Diana Shipping
96. Polys Hajioannou, Safe Bulkers
 

Leading  Sub-Sectors

Communication aids, computer and software applications, navigation aids, radar, safety equipment, coatings and paints, cutting-edge navigation, maritime anti-piracy solutions and technology, maritime financial and insurance services, ship repair, and conversion products and services.  Greek ship owners are currently keenly interested in technologies for LNG and LPG carriers, for offshore supply vessels, and container ships.

Opportunities

For the 18th consecutive time, the U.S. Commercial Service in Athens will organize a U.S. Pavilion at the Posidonia Shipping Expo from June 4 to 8, 2018.  The expo is a U.S. Department of Commerce Certified Trade Fair.  Posidonia provides direct access to Greek shipping and also the owners of the largest fleet under the control of any national group, dominating the new builds order book.  During the week of Posidonia, nearly all Greek ship-owners converge in Greece.  In addition to the main event, there are also numerous other gatherings where companies can obtain exposure to Greece’s shipping decision makers.  The U.S. Embassy reception to honor the U.S. participants in Posidonia is one of the most prestigious gatherings held during Posidonia, as it draws some of the Greece’s most important ship owners and most influential policy decision makers.


 Participation in the U.S. Pavilion offers un-matched worldwide business expansion opportunities for the U.S. shipping industry and related U.S. service and supply sectors.

Web Resources

Posidonia Exhibitions SA
Hellenic Chamber of Shipping
Ministry of Shipping and Island Policy
 
Resources & Contacts
Ministry of Shipping and Island Policy
Akti Vasiliadi
185 10 Piraeus
Tel: +30 210 4191700 & 4064700
Fax: +30 210 4191561,   4191562 - 210 419156
Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.
 
Thessaloniki Port Authority S.A
Inside the Port
54 110, Thessaloniki, Greece
Tel: +30 2310 593121
Fax: +30 2310 510500
Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.
 
Piraeus Port Authority (OLP)
10 Akti Miaouli Street
185 38 Piraeus, Greece
Tel: +30 210 4550229
Fax: +30 210 4550310
Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.
 
Union of Greek Shipowners
85 Miaouli Street
185 38 Piraeus, Greece
Tel: +30 210 4291159 through 65
Fax: +30 210 429 1166
Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: N/A
 
Commercial Specialist: 
This email address is being protected from spambots. You need JavaScript enabled to view it.


 

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