Greek Shipping revenues up 8% in '08

[Angelo]

Shipping revenues up 8% in '08

The Greek-owned shipping sector is strengthening its international competitive position, a report by National Bank of Greece, focusing on the outlook of global shipping, revealed on Tuesday.

The report said Greek shipowners enhanced their leading position in the ocean-going shipping market by adopting an impressive investment programme worth more than 90 billion euros, which peaked over the last two years, by promoting a significant quality and quantity upgrading of the Greek-owned fleet. Under the programme, the average age of the Greek fleet fell below the international average of 14.6 years to 14 years, for the first time in the last seven years.

Greek shipowners are also appearing to adapt well to changes in the international business environment by significantly changing the structure of their orders, focusing more on dry cargo vessels and containers and gradually reducing their orders in tankers (their share fell to 36 pct of the Greek-owned fleet in 2007 from 39 pct in 1997).

The development and renewal of the Greek-owned fleet is expected to continue over the next few years, since the inventory of new ship orders in the last two years amounted to 66 million DWT, or 32 pct of total capacity of the Greek-owned fleet, namely, some 17.5 pct of global orders. The capacity of the Greek fleet is expected to grow by 28 percent by the end of 2010, with average age falling below 11 years by 2011.

Net shipping revenues totaled 17 billion euros in 2007, or 7.0 pct of the country's Gross Domestic Product, covering 28 pct of the trade deficit, while the sector contributed around 4 pct of total employment in the period 2006-2007.

National Bank's analysts said they expected the shipping sector's revenues to grow by 8.0 pct this year, to fall by an annual average rate of 4.0 pct in 2009-2010 and to grow by 6.0 pct in the period 2011-2014.

Caption: ANA-MPA file photo shows an aerial view of the port of Piraeus, Greece's largest passenger and commercial port


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[Napalm]

I like how Hellas still manages to be a player in shipping despite our very relatively small population compared to so many other countries.

[really]

That's a significant increase. I did not realize Greek shipping is so big. I know countries like Canada pay more attention to cargo shipping which has much increased in volumes in recent years, we are upgrading our ports, etc.