Greece's shipping sector revenues is expected to grow by 8 per cent this year, according to a report revealed by the National Bank of Greece on Tuesday.
The report, focusing on the outlook of global shipping, said net shipping revenues totaled 17 billion euros in 2007 (S$36.22 billion), or 7 per cent of the country's gross domestic product, covering 28 per cent of the trade deficit, while the sector contributed around 4 per cent of total employment in the period 2006-2007.
According to the report, Greek shipowners enhanced their leading position in the ocean-going shipping market by adopting an impressive investment programme worth more than 90 billion euros, which peaked over the last two years, and by promoting a significant quality and quantity upgrading of the Greek-owned fleet.
Under the programme, the average age of the Greek fleet fell below the international average of 14.6 years to 14 years, for the first time in the last seven years. Greek shipowners are also appearing to adapt well to changes in the international business environment by significantly changing the structure of their orders, focusing more on dry cargo vessels and containers and gradually reducing their orders in tankers.
The report, focusing on the outlook of global shipping, said net shipping revenues totaled 17 billion euros in 2007 (S$36.22 billion), or 7 per cent of the country's gross domestic product, covering 28 per cent of the trade deficit, while the sector contributed around 4 per cent of total employment in the period 2006-2007.
According to the report, Greek shipowners enhanced their leading position in the ocean-going shipping market by adopting an impressive investment programme worth more than 90 billion euros, which peaked over the last two years, and by promoting a significant quality and quantity upgrading of the Greek-owned fleet.
Under the programme, the average age of the Greek fleet fell below the international average of 14.6 years to 14 years, for the first time in the last seven years. Greek shipowners are also appearing to adapt well to changes in the international business environment by significantly changing the structure of their orders, focusing more on dry cargo vessels and containers and gradually reducing their orders in tankers.