Wednesday, May 10, 2017
The impact of Greece's economic crisis on its shipping industry.
The Greek-flagged and Greek-owned fleet represents approximately half the total EU fleet in terms of tonnage. Despite the domestic economic crisis and challenging global operating conditions, Greek ship owners have succeeded in increasing their fleet capacity throughout this period. However, shipping's contribution to the economy and balance of payments is dwindling because of protracted economic uncertainty, the imposition of capital controls in 2015 and more recently the threat of additional taxation.