Greek banks reduced their funding of the shipping industry in 2011 by 8.6 percent last year, as their total shipping portfolio declined to $14.51 billion from $15.88 billion in 2010, according to an annual survey by Petrofin Bank Research.
The survey identified six parameters for this trend: The weak shipping market in many sectors, the drop in revenues from ship management and in the vessels’ value, the pessimistic estimates for rates owing to the oversupply of capacity, the restructuring of and defaulting on loans, the financial crisis and the business insecurity in Greece, and the departure of certain banks from shipping funding.
It remains unclear how 2012 will shape up regarding shipping funding.
Three women from Halkidiki, northern Greece, were expected to face a local prosecutor on Wednesday for allegedly trying to obstruct a mining vehicle from approaching a gold mining site locat...
A 51-year-old woman was stabbed to death in Agrinio, western Greece, by her 18-year-old son, police said.
According to initial reports, mother and son argued when the former asked the latter...
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PAS Giannina upset PAOK at Thessaloniki on Sunday to take the lead at the Super League play-offs, while Asteras Tripolis rebounded from its loss at Ioannina in midweek to defeat Atromitos at...
One of the biggest problems dragging the Greek economy down is the pressure placed on entrepreneurs aspiring to do business in sectors dominated by the “pirates” and “pimps” of the business ...
Greek taxpayers have had to pay dozens of millions of euros for the restoration and conservation of the capital’s landmark buildings, including Athens Polytechnic and the so-called neoclassi...
