Trade with Greece
68
20.21 million). It should be noted, though, that,
according to relevant estimates, Maltese-flagged
vessels with a total gross tonnage of 41.5 million
and Cypriot-flagged vessels with a total gross ton-
nage of 15.5, are controlled by Greek interests.
e) The rise of the Greek-owned merchant fleet
during the past few years is the outcome of two
parallel processes, the increase in its tonnage,
and its modernisation through newbuildings and
the purchase of younger (second-hand) tonnage
from the secondary market. It is telling that its
average age stands at 9.9 years, as compared to
a world average of 12.4 years. It is estimated that
the investments made by Greek shipowners dur-
ing 2014 (purchases of second-hand tonnage and
orders for newbuildings) stood at $14 billion,
while a tendency to differentiate the fleet is also
evident, with emphasis on specialized vessels
(LNG/LPG carriers, container ships, petroleum
product tankers).
Contribution to the Greek
economy
Despite the overall difficulties the shipping indus-
try has been facing in the past few years (reduced
access to bank financing, gradual increase of
excess tonnage, volatile fright markets), its contri-
bution to Greece’s GDP (wages and employers’
social security contributions, amortization, corpo-
rate profits and output taxes) has been stabilised
at 7-8% of the total, while, as far as employment
is concerned, shipping and its associated activi-
ties —at sea and ashore— provide more than
200,000 direct and indirect jobs.
After all, maritime transport is considered to be
