Greek Shipowners: Buying a Bigger Fleet

Good news in the business side of Greece. Large shipping corporations in Greece, have been able to weather out the worst parts of the economic crisis. Now, they have begun stocking up on new ships purchased with cheap loans from China, and Korea. Greece has one of the largest merchant ship fleets in the world. With an estimated 16% of the world's dry-bulk, and container vessels are owned by Greek corporations. The ship building industry in Greece has made a whopping, $279.5 billion dollars so far this year. By cutting their prices they have been able to compete with other European shipping giants, and still managed to stay in the lead.

Because China, is competing with their neighbors in Korea, lower costing ships are being purchased. So far this year, Greek shipbuilders have ordered 188 ships from China, and 217 ships from Korea. However, a large portion of the ships remain dry docked, or anchored and are awaiting to be used. Although the situation in Greece looks grim, certain portions of the economy are making a come back. "The Greeks are the world's dominant buyers both in terms of new and used vessels so they are contributing to the glut," said Jonathan Roach, senior analyst at London-based Braemar Securities Ltd.


Paris, Costas. "China Attracts Greek Shipowners." Wall Street Journal. N.p., 30 Sept. 2013. Web. 4 Oct. 2013. <online.wsj.com/article/SB10001424052702