NEWS

New wave of shipping is sought

In a bid to boost investment on the Athens Stock Exchange and to transform Greece into a regional shipping hub, the government said yesterday that it wanted to allow Greek and foreign shipping or holding companies to be listed on the bourse. With shipping becoming Greece’s biggest source of income from abroad last year, the government is keen to tap into this source of foreign investment, particularly when it comes to Greek companies that are listed abroad. «It is unforgivable for Greek shipping companies to be listed on the stock exchanges of other countries and not in Greece as well,» said Merchant Marine Minister Michalis Kefaloyiannis, whose department is responsible for drafting the relevant bill. Kefaloyiannis said that the bill would lay out some conditions that an interested company would have to meet – such as the requirement that it owns vessels, insured with a reputable international broker, that have a capacity of least 3,000 registered tons. The combined assets of each firm will also have to exceed 29.35 million euros during the year of listing.