Greece's role in the global shipping industry is very well known. This, according to a new report from the Foundation for Economic & Industrial Research (IOBE) can actually help the country exit the crisis. In its report, the think-tank notes that Greek shipowners control more than 4,065 freighters, the majority of which are oceangoing vessels.
The report says that most Greek-owned vessels are registered under foreign flags and over 52 percent of the shipping companies that are actually listed on the NYSE as well as the NASDAQ are Greek owned.
Water transport contributed over four percent of the Greek economy's gross value added, with the largest share held by oceangoing shipping. The sector is second to that of real estate in terms of value added per employee.
Nonetheless, IOBE warned that an abrupt change of the taxation regime in the shipping sector may lead to reduction of the economic activity in the sector and across the economy, and as a repercussion there could be significant job losses and even lower net tax revenues, as maritime shipping contributed directly and indirectly more than 790 million Euros of tax revenues in 2008. The industry itself has also called for political and economic stability, the independence of the sector from the electoral cycle as well as the adoption of a strategic development plan with a broad political and social support.
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