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Trade with Greece
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on ... funds raised from private investors”. The
same article refers to the Greek companies'
strong capital base, which allows them not to be
“overly concerned” about the slump in earnings.
In this context, the views of global shipping mar-
ket experts are rather telling. “Most traditional
Greek shipping companies are cash-rich. They
will not only weather the storm but come out, I
think, stronger” ... “Out of the 700 shipowners in
Greece, probably around 600 are playing with
their own money and around 100 with other peo-
ple’s money”. These same shipowners “carry
non-Greek cargo, their assets are purchased by
money that is not earned in Greece and they
could run their operations from any maritime cen-
tre”. The success of Greek shipowners is “an
example of how well businesses can do in
Greece if they are allowed to operate without too
much state bureaucracy”.
It is true, though, that the industry will remain
under stress in 2012. The reduction in freight
rates and vessel values is also expected to affect
the banks, which, according to another survey,
are in danger of losing almost 3% of the money
lent to shipping companies. At the same time, it is
estimated that this year will see the bankruptcy of
many shipping companies worldwide, the sub-
stantial reduction of newbuildings on order, and