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The Greek merchant marine remains No. 1 in the world, despite crisis

18 August 2010 / 08:08:04  GRReporter
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Greek shipping magnates possess vessels and equipment worth nearly $ 11 billion, making them the most powerful ones in the world, says a report from the Institute of Shipping Economics and Logistics (ISL). This refers both to ships and shipyards, brand new as well as second hand. According to the institution Greece manages vessels with a total capacity of 187.5 million dwt or 15 percent of the capacity of the entire world fleet. Investments made by the Greeks provide them leading position in the commercial fleet in the coming years.

Second to Greece is Japan, which manages vessels with a capacity of 183.2 million dwt, followed by Germany with 104.1 million dwt, China with 101,9 dwt and Korea is fifth with 44.4 million dwt. Regarding the flags under which ships sail Panama is most attractive as it holds 23.2 percent of the market, followed by Liberia with 11.4 per cent and the Marshall Islands with a market share of 6.2 percent. According to ISL Greeks use their own flag only for 31 per cent of its vessels and in most cases it prefers a foreign registration. Japanese use foreign flag for 91 percent of its ships and the Germans - for 83.5 percent of their vessels.

The institute announced that in early 2010 the world fleet consisted of 46 948 vessels with total capacity of 1.23 billion dwt, which increased by 7,1 per cent compared with 2009. Overall, the trend is the capacity of the world fleet to increase by an average 6.9 percent per year, equivalent to 289 million dwt.

Tags: Wordl merchant fleetGreek shipping magnatesTrendsEconomyCompaniesMarkets
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