Due to constant investments, which have drastically reduced the average “life expectancy” of Greek ships, the merchant fleet has increased its transport efficiency, exceeding 264 million tons (dwt). For this reason, Greek shipping has been included among the most effective of the world’s navy, making the top of the list.
Competitiveness, modern tonnage and stability are some of the Greek shipping characteristics, despite the crisis in the navy market. However, the decision of the Papandreou government to convert the Ministry of Mercantile Marine into the Ministry of Maritime Affairs, Islands and Fisheries played a negative role in the situation.
Greek government decided that Greek ships travelling many miles away from Greece must lower the Greek flag in order to avoid pirates. More than 200 ships travel without the Greek flag, and this affects the market in some way.
The Greek Shipping Cooperation Committee aka the Greek shipowners of London, published the report. Greek fleet, despite the falling number of ships, managed to increase its storage capacity, according to the report.
This development came as a result of the replacement of older ships with the purchase of new ones.