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Maritime Transport, Volume 21: The Greek Paradigm (Research by Athanasios A. Pallis

By Athanasios A. Pallis

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Owing to market price volatility, Greek owners had plenty of scope to take advantage of their experience in timing sales and purchases as illustrated by their investment moves in second-hand tankers in the period up to the millennium. While they had been taking advantage massively of the soft tanker prices and markets of the time around the Asian crisis in the late 1990s, their involvement on the purchasing side subsided when both ship and freight tanker markets started rising66 at the turn of the century (cf.

5. The Share of Greek-Owned Fleet in the World Tonnage 1991–2006. 02 Notes: End year data for 1991 and 1996; January 1 data since 2000; On a dwt basis. Sources: Benham, (1994, p. 26); UNCTAD, Review of Maritime Transport. Various issues. Yet, this share refers anymore to a fleet with significantly different structural characteristics. 5. CONCLUSION: A FLEET FOR THE FUTURE? As the century was coming to a close, the omens were against Greek shipping surviving into the next century in the same hegemonic position in the world fleet.

The specific features of Greek shipping development at the time created a blueprint for shipping competitiveness in bulk shipping where Greek-owned shipping traditionally specialised. e. bulk shipping transport services, as homogeneous. <5 5 to 15 15-20 20-25 >25 80 70 % of total 60 50 40 30 20 10 0 Norway Fig. 6. United Kingdom Greece Age Structure of the Norwegian, British and Greek Fleets in 1981. Source: Data in OCDE (1982). 37 A Fleet for the 21st Century: Modern Greek Shipping The latter, however, could only hold in the case of bulk shipping (Thanopoulou, 1998) as the terms of competition and the market structure are drastically different in liner shipping.

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