The Greek Merchant Fleet
Mention the name "Greece" and most people envisage white washed buildings on beautiful islands, crystal clears seas and the Acropolis. Others think of Ouzo, feta cheese and men wearing those "wierd dresses" or foustaneles.
Mention the name "Greece" and most people envisage white washed buildings on beautiful islands, crystal clears seas and the Acropolis. Others think of Ouzo, feta cheese and men wearing those "wierd dresses" or foustaneles.
Very few people would think of Greece as an economic power either in the world or within Europe.Yet Greeks today own the world's largest merchant fleet, surpassing even Japan, Norway and the USA. With nearly 28% of the world's merchant ships, they ply the oceans carrying oil, petroleum, goods and passengers under various national flags.Until the early 1990s, the Greek merchant fleets were privately owned by families and most were made up of one or two ships.
Over the last decade however, consolidation and expansion has seen these small businesses branch out to become multi-tanker fleets. Further, the Greek merchant fleets are registering to be become public companies to allow them to draw funds for further expansion. This has seen the global capitalisation of the merchant shipping industry increase from a mere $2.2billion in 2002 to an astronomical $20billion this year.
The late Aristotle Onassis built his wealth on the back of his shipping business. Today, the shipping industry may have ships flying under Australian, Liberian, Canadian or any other of a multitude of flags, but its owns are Onassis countrymen and women. Moving from family owned "at home office" setups to corporate board companies, the Greek ship owners of today are steadily bringing about a union of the Greek love for the sea and a thirst of ruling the seas with their fleets.
The side effect of this slowly growing Greek merchant fleet, most of whom are operating out of Athens and its port city of Piraeus, is the political influence they currently hold both within Greece and abroad. Greece today has a much more friendlier relationship with countries through Africa, the Middle East and the Far East, because of its more independent stand than most European or North American countries.
This congenial relationship allows the Greek merchant fleets to not only ply these normally hostile waters much more freely, but also allows Greek businesses to open up new expansion opportunities than other Western businesses.
Written by
JAMES BAILEY
ADELAIDE, SA, AUSTRALIA
JAMES BAILEY
ADELAIDE, SA, AUSTRALIA
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