By Lambros Karageorgou
Significant changes in the “traditional model” of Greek shipping ownership is one likely result of the current crisis plaguing the sector, as shipping rates have fallen to decades-old lows. The other factor drastically affecting the sector is a lack of financing and calls for more agressive taxes on Greek shipping interests.
The assessment was put forth in the annual study unveiled by the Petrofin group on funding for the Greek shipping sector, which was publicised on Wednesday.
According to the study, the total borrowing portfolio of Greek shipping was reduced by 2.04 percent in 2015, in relation to 2014, continuing a downward trend begun in 2009.
The total figure for loans approved to Greek shipping interests — whether accessed or not — reached 62.711 billion euros at the end of 2015, as opposed to 64.019 at the end of 2014.
