By L. Karageorgos & A. Tsiblakis
Greece's iconic ocean-going shipping industry is apparently riding out the global recession affecting the sector, with figures showing that since January 2016, when the 2nd "Naftemporiki" conference took place in Athens, Greek shipping interests have not only avoided a long-term docking of their bulk carriers, but have snatched market share from primary rivals.
According to Petrofin & Unctad, Greek shipping interests increased their market share from 15.41 percent in 2014 to 16.05 percent in 2015 and 16.36 in 2016, an annual increase of 3.05 percent.
Over the same period, the other major shipping powers -- Japan, China and Germany -- reduced their shares by 2.57, 3.24 and 6.19 percent, respectively.
Conversely, Greek shipping interests, comparatively, posted greater investment in second-hand vessel purchases, although the purchased ships were mostly newly built and acquired through own capital, private funding or bank borrowing.
According to Allied Shipbroking, Greek interests were first in terms of 2016 second-hand vessel purchases, with total outlays calculated at 3.46 billion USD for resale purchases and second-hand sales.
Greek shipping also came in first in terms of selling-off second-hand vessels, with this figure calculated at two billion USD.
