ECONOMY

Greek ships still rule the waves

Greek oceangoing shipping has maintained its leading role in the world despite the international credit crunch, which has had a negative impact on the implementation of plans by many companies, an Alpha Bank report suggested yesterday. The report’s conclusions include the bolstering of the country’s purchasing power by 4.1 percent, solely thanks to Greek shipping’s contribution to the Greek economy. The country ranks second in the European Union for 2007 as far as net inflow per citizen from shipping, amounting to 916 euros for Greece, second only to Denmark’s 1,120 euros. The Greek-owned fleet accounted for 15.2 percent of global capacity for vessels over 1,000 dead-weight tons (dwt) in February. The total Greek-owned capacity amounted to 263.6 million dwt, with 4,161 ships. This includes 1,072 ships that are still under construction which have a total capacity of 53.4 million dwt. The average age of the Greek-flagged fleet is 11.9 years, compared to the global average age of 12.9 years.