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Trade with Greece
55
an increase in the number of ships sent for scrap.
Another recent study by a well-known consultan-
cy points out that banks may have to write-off
shipping loans of almost
US$13 billion, as the col-
lapse in vessel earnings
has strongly affected both
corporate cash flows and
vessel values. In this con-
text, it is stressed that 10%
of the loans granted to 81
shipping
companies,
totalling US$201 billion,
may be considered doubt-
ful, and 10% of this
amount may become non-
performing.
However, despite the
adverse economic climate,
in 2011 Greek shipowners invested approximately
11 billion euros on building 156 ships, totalling
12.79 million deadweight tonnes, a number that,
nonetheless, represents a significant decrease
from the 239 newbuildings, totalling 25.2 million
dwt, that were ordered in 2010. It is estimated that
investment in newbuildings during 2011 would be
even less, had some Greek shipowners not
decided to enhance their
presence in relatively new
fields, such as container
ships, liquefied natural
gas (LNG) carriers and
special purpose vessels,
such as floating produc-
tion systems and drill-
ships.
Moreover, despite the fact
that listed company val-
ues are low and bank
financing is tight, there is
well-grounded reason to
believe
that
Greek
shipowners will continue
their “targeted” actions in 2012, investing in the
modernization and renewal of their fleet.
Apparently, the advice given by the Delphic ora-
cle to Athenians, to put their faith in their "wooden
walls" is still valid.
”
“
Despite the adverse
economic climate, in
2011 Greek shipown-
ers invested approxi-
mately 11 billion euros
on building 156 ships