The Future of Greek Shipping in the New Millennium

A Six Part Series
on Greek Shipowning

by Kevin Oates

ISM. Consolidation of the shipping industry. OPA 90. Credit crunch. Shipping crisis. All these are issues that have at various times been regarded as potentially bringing about the demise of Greek shipping. But few Greek shipowners have failed to come through. Most have weathered the economic and regulatory storms (some, it is true to say, are still weathering it) and today we find ourselves having entered the new Millennium with the Greek shipping community as enthusiastic as ever about the industry which they have championed for centuries.

Starting in February and in the months ahead, Marine Money will profile shipping companies that we think represent the spectrum of Greek shipowners. From cash rich to cash poor, big to small, modern to less modern, we will look at how the companies have been financed historically and whether they anticipate using alternative financing techniques in the period ahead. Is traditional commercial bank finance still the way ahead for Greek shipowners in this category? Some owners are now growing their businesses such that on a consolidated basis the balance sheet is beginning to look more attuned to what is required by the capital markets. Is this the direction some of these companies will go? Are they likely to succeed? Our series on Greek shipowners is a must read for anyone involved in the shipowning and ship finance.

This is only an excerpt of The Future of Greek Shipping in the New Millennium

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