Explores the role of ethnic and family networks in greek shipping. Greece is a maritime nation by tradition, as shipping is arguably the oldest form of occupation of the greeks and has been a key element of. Product output the product output is the result of the shipping economic activity that has consumed inputs to produce services. How the greek shipping industry schemed to win big in the. The industry owes its competitive advantage to the possession of special or specialised knowhow at the operations management level with cost factors contributing most to its success. Greek shipping performance during the economic crisis greek shipping output vs greek economy output. Challenge to the industry securing skilled crews in todays marketplace 1 the international maritime organization declared 2010 the year of the seafarer. Twelve greeks are among the 100 most important in the industry according to lloyds list top 100 2018 which ranks the shipping industrys most influential people. The country also manufactures 90% of the worlds containers. Greek shipping greece is a major maritime nation with its shipping industry, along with tourism, being the most important sectors of the national economy. Industry backed studies add about 6,000 greek sailors on foreignflagged ships, and around 15,000 jobs onshore. The international shipping industry, and especially the bulk sector, has experienced the effects of numerous changes during the last three decades. These factors are quality, the level of service and time.
The inflows from shipping activities account for approximately 6. Shipping industry institutional shareholders currently investing 1,200 in shipping companies listed in the us 49 shipping companies currently listed in the us 35 analysts who follow shipping industry 20. Challenge to the industry securing skilled crews in today. Capital link is organizing on an annual basis shipping forums in new york, london, athens and shanghai where listed shipping companies, bankers and analysts address the international investment community, while at the athens forum the international financial community and market experts address the greek and international shipping industry. Greek tax residents are subject to tax only on their greek. Despite current challenges, greek shipping aims to maintain its share of 53% of the eu and 21% of the world deadweight capacity. The shipping industry is by far the most extrovert sector of the greek economy. The greek maritime transport industry and its influence on. Hellenic shipping news online daily newspaper on hellenic and international shipping. Greek shipping has long maintained the global leadership in the international shipping industry. Banks should not consider big fleets to be safer than small traditional greek shipowners. The number of container units handled by chinese ports in 2011 reached more than 150 million. In 2011, greek owned companies controlled about 16.
Without shipping, intercontinental trade, the bulk transport of raw materials, and the importexport of affordable food and manufactured goods would simply not be possible. Most shipping banks have already left shipping and a few more have been divesting shipping loan portfolios as fast as practically possible. Shipping industry an overview sciencedirect topics. Greece tops the list of the worlds maritime nations with a fleet worth around usd 100 billion. Aegean blues a look at the financial crisis in greece, including how the shipping industry could impact the countrys future. The evolution of the greek economy during the 19th century a period that transformed a large part of the world because of the industrial revolution has been little researched. The greek tonnage tax regime is provided for under l. Shipping and the greek economy greek shipping produces inflows of between and 19 billion annually to the greek economy depending on market conditions. Since 1916, the union of greek shipowners ugs represents greek owned commercial vessels over 3,000 gt under the greek and other flags. Ploto named after one of the nereids documents greek. The extraordinary success of greek merchant shipping is recounted in ploto, published by the greek literary and historical archive elia, a moving and aesthetically pleasing investigation into family and local historical archives. The objective of the new tax law titled provisional measures on the collection of tax on nonresident taxpayers engaged in.
Explores the role of ethnic and family networks in greek shipping and how onassis was able to penetrate this system despite being an outsider. The 40 greatest greek shipowners control 65% of the greek fleet based on dwt, according to british shipping services clarkson. Greek shipping community honored in 2019 amver awards. It is not an exaggeration to state that one of the very. The recent chinese transportation tax law what does this mean for the greek shipping industry. Union of greek shipowners greek shipping and economy 2019. The number of greek controlled vessels within the global shipping sector rose in 2017 to a total of 4,092 vessels that exceeded 1,000 gross tonnage. He emphasized that it was only with the support of the club and the shipping industry, that the amver system could achieve global success. Today, shipping is the countrys most important industry. Hellenic shipping news worldwide, online daily newspaper. Examines the career of aristotle onassis and his creation of one of the worlds largest shipping companies between 1945 and 1973.
The greek maritime transport industry and its influence. The global economy started in 2018 on a positive note but, as industrial production decelerated, trade slowed and business confidence fell, the momentum lost steam. Greek shipping is one of the healthiest and most dynamic sectors of the greek economy representing approximately 8% of the country. With the usage of our services you permit us to use cookies. Top 10 deepsea container shipping lines and market share in deployed capacity february, 2019 47. Shipping industry financing difficulties kpmg greece. In recent years, the shipping industry has had a constant contribution and it is considered to be the pillar of the greek. Meanwhile, as grammenos and choi 1999 point out, the global. Crisis management for tourism a case study of the greek passenger shipping industry.
The international shipping industry is responsible for the carriage of around 90% of world trade. The shipping industry contributes to the greek economy in terms of produced economic activity, sustained employment, national gdp creation and public revenues. In greece, shipping is one of the few industries which students can count on for steady prospects for work. Greek shipping industry extends its dominance greek owners, who operate almost a fifth of the global fleet of merchant ships, are paying rockbottom prices for competitors vessels.
Shipping industry and greek ship owners are considered as the best businessmen. Based on the results stemming from a survey conducted in a sample of greek owned shipping companies, the analysis focuses on the crewing management practices of the companies, the examination of. James henry says greek shipping tycoons created a pipeline for laundering billions of taxable income out of greece and into swiss bank accounts. The greek maritime transport industry and its influence on the greek economy. Greece shipping and marine services privacy shield. The shipping industry is continually concerned in endeavoring to anticipate what will be the next big. Total output of greek economy shipping industry output the greek shipping industry has held well during the recent economic crisis, exceeding the performance of the overall economy both in terms of output and in terms of employment sustained. Chapter 4 the competitive advantage in the greek shipping.
Pdf crisis management for tourism a case study of the. Recent research from 2006 examines the gradual development of industry and further development of shipping. The basic strategy of greekowned shipping businesses was participation in the market on the basis of competitive costs, a strategy that in theory is described as. Still today, the leading greek shipping firms rely on greek officers some of the best in the world and rely on their trust for the continuation of the growth in the industry. A short presentation of the greek maritime tradition. Jul 12, 2006 the last key factor concerns the efficiency with which this secondhand tonnage is operated, in order to keep fixed and variable costs low. On top of that, they assume the industry generates over. Based on data collected from semistructured interviews, mcs are distinguished in three categories according to the purposes they fulfill. Trusted worldwide by key professionals as the most uptodate source of information on ships of greek.
The tanker market has been one of few segments of the oil industry that enjoyed positive momentum in. Greek shipping industry extends its dominance greek owners, who operate almost a fifth of the global fleet of merchant ships, paying rockbottom prices for competitors vessels shipping containers are. Basic mcs are implemented in order to set standards and support basic operations of the business, cost mcs collect information about cost. Cookies make it easier for us to provide you with our services. Theotokas 1 44 4 competitive advantage in the greek shipping industry. Despite current challenges, greek shipping aims to maintain. Product output the product output is the result of the shipping. Deloittes impact analysis of the greek shipping industry, 5th naftemporiki shipping conference. Greece is a maritime nation by tradition, as shipping is arguably the oldest form of occupation of the greeks and has been a key element of greek economic activity since ancient times. For every 1 million the european shipping industry. Hellenic marine environment protection association helmepa the cyprus registry. It is not an exaggeration to state that one of the very few things that remained stable all these. Based on data collected from semistructured interviews, mcs are.
Ocean going shipping represents about 7% of gdp if not more. The recent chinese transportation tax law what does this mean. Review of maritime transport 2018 united nations conference. Harry alexander karanassos, in commercial ship surveying, 2016. Pdf the competitive advantage in the greek shipping industry. Pdf human resource management practices in shipping. The core of the cluster is composed of more than 800 ship operators, tightly clustered around the port of piraeus in at hens. The aim of this paper is to investigate the shipping taxation policy of the eu by concentrating on the forms this takes in selected european countries and to examine critically the comparative position of greek shipping in this context. However, the greek shipping industry does not actually seem to be affected by this turmoil. Greek shipping publications publish unique catalogues that bring more than 60 years of shipping expertise to the greek and international shipping community. Shipping operates in a challenging economic environment, characterised by demand and supply imbalances, volatile freight rates and vessel values, increasing regulation, environmental concerns, piracy and geopolitical risks, among others.
This is the may 15, 2017, full episode of vice news tonight on hbo. Shipping industry financing remains to be expensive. The greek shipping industry has a prominent position in global maritime transports. Overview and outlook overview greece is a maritime nation by tradition and is one of the worlds largest shipping powers. The global maritime industry is of great importance for the global economic activity as 80% of global merchandise trade by volume is transported by sea. Maintaining a close relationship with the countrys shipping. Given the importance of the sector to the economy, greece. Trusted worldwide by key professionals as the most uptodate source of information on ships of greek interests.
The greek shipping cluster is a uniquely successful bright spot in the greek economy. Shipping taxation 12 legislation registration requirements 14 a. Greek shipowners operate the largest fleet in the world, and the industry has a history dating back hundreds of years. In this paper authors intend to further existing literature by examining the importance three additional factors, apart from cost, have on greek shipping companies. Photos of greek shipping industry financial crisis in greece. Onassis, niarchos, lemos, tsakos, frankou and many others are wellknown for their business acumen worldwide. Greece is ranked in the top 5 for all kinds of ships, including first for tankers and bulk carriers. Pdf seafarers as a strategic resource of shipping companies. Greek shipping industry pledges help for nations health system shipownerfunded synenosis has already donated 105 ventilators as country braces for impact of pandemic on. May 23, 2005 aristotle onassis and the greek shipping industry case study solution, aristotle onassis and the greek shipping industry case study analysis, subjects covered business history competitive advantage familyowned businesses international business networks succession planning by geoffrey g. The throughput of cargo and containers at chinas ports has been the largest in the world for the past five years, with an annual growth rate of 35%. Indeed, it is the only sector in which greece is clearly a world. Greek shipping remains at the top of the world maritime league for about the last thirty years.
The industry s current challenge 7 digitalization 9 development of global trade and its impact on the shipping industry 11 dynamically changing global players in the shipping industry 14 the trade war 15 fundamental threats to the maritime industry 17 shortcomings in digitalization 17 3d printing 19 the industry itself 20 the modern shipping. Aristotle onassis and the greek shipping industry case solution, examines the career of aristotle onassis and his creation of the worlds largest shipping companies in 19451973. Eu shipping delivers a total valueadded direct, indirect and induced contribution to gdp of 140 billion. Shipping is second only to tourism for its importance to the economics of greece. Pdf the competitive advantage in the greek shipping. Pdf chapter 1 the greek paradigm of maritime transport. This study explores how management control systems mcs enhance the performance of shipping companies. Deloittes impact analysis of the greek shipping industry. The greeks, more than any other people in the world, have remained, during their entire, very long history, mariners without interruption, they have loved the sea, they have thought of it as a beautiful element, and they believed it had godlike powers. Jan 02, 20 the worlds shipping industry has played an incredibly key role in transforming the global economy. A specially commissioned study presented by deloitte during the 5th naftemporiki shipping conference.
Hellenic shipping news worldwide, online daily newspaper on. China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. A strong partner for the greek shipping industry 1 in may 2018, bsm demonstrated its commitment to the greek shipping industry by hosting a hospitality event on the future of shipmanagement in athens, greece. Some, such as court smith, trade analyst at ukbased vessels value, which tracks the global shipping industry, thinks that the iranian ban may actually give greek shipping firms a boost. Repositioning greece as a global maritime capital ey. The reasons for the greek shipping s enormous expansion after the second world war have been the subject of considerable.