Basic HTML Version
billion in the same period of 2008.
In total, the decrease in shipping volumes has
driven down freight rates, which, in turn, have
dragged down the value of vessels, also affecting
their sales, while shipping company insolvency
and restructuring procedures are on the rise.
So, where do Greek-owned shipping companies
stand, given the situation in international ship-
ping, as described above? A look at the 2011 bal-
ance sheets of the largest among them shows a
clear drop in profits, although there are some
exceptions that demonstrate why Greeks are con-
sidered to be major players in sea transport.
It should be noted that most Greek owners of
profitable shipping companies are included in the
Lloyd's list of the one hundred most influential
people in the shipping industry. In any case,
I
ndeed, the oversupply, of both newbuildings,
and second hand tonnage, in an environment
of diminishing global trade growth, has had
multiple effects on all shipping-related activities.
In this context, it is estimated that in almost four
years the world's 80 largest listed shipping com-
panies saw their value decrease by nearly
US$100 billion. In many cases, this dramatic drop
had an impact on short-term selling by shipping
funds during the last months of 2011, as well as
on the efforts to identify tradable stock.
Overall, the total market value of the world's
largest listed shipping companies fell by 44% in
the past four years, as, according to estimates by
a major shipping consultancy, the total value of 80
of those companies had decreased to US$127
billion by the middle of this March, from US$226
Trade with Greece
52
When the going gets
tough, the
tough get
going
Shipping