Shipping is arguably the oldest form of occupation of the Greeks. Greece has the largest merchant marine in the world (at 95.6 mil.t.). It is the second largest contributor to the Greek economy after tourism and forms the backbone of world shipping.
As of 2001, Greek run companies controlled about 20% of the world’s fleet. Its key centers of operation are Pireaus, London and New York. Its fleet flies under a variety of flags, including flags of convenience. However, some Greek shipping is gradually returning to Greece following the changes to the legislative framework governing its operations and the improved infrastructure.
History
In the eighteenth century a substantial merchant marine, based on the three “nautical” islands of Hydra, Spetsai, and Psara, developed. This prospered from running the continental blockade imposed by Great Britain during the
period of the French revolutionary and Napoleonic wars. The existence of a reservoir of trained sailors was to prove of inestimable advantage once the war of independence had broken out, when Greek fire ships became a formidable weapon against the cumbersome ships of the line of the Ottoman fleet.
These merchants also provided the material basis for the Neohellenic Diafotismos. Impelled by the sense of local patriotism that had always been strong in the Greek world, they endowed schools and libraries. The three most important schools-cum-colleges in the Greek world on the eve of the War of Independence were situated in Smyrna, Chios, and Ayvalik (on the coast of Asia Minor opposite the island of Lesbós), all three major centres of Greek commerce.
In the early twentieth century well-established Greek-run international businesses turned their focus towards shipping, often run by members of the Greek Diaspora. The tradition of endowment continued, and it was shipping that funded institutions such as the National Library of Greece. Many changes and upheavals affected their markets: the Russian Revolution, the collapse of the Ottoman Empire and restrictions in Egypt that closed their markets to foreigners. The Greek grain merchants in London and Odessa (such as the Vaglianos Bros. and Rodocanachi family) lost access to their traditional grain suppliers and markets and, rather than close, they seized the chance to invest in merchant fleets of steamships, and specialized in tramp shipping.
Development in Asia
Greek firms have managed to greatly capture the immense expansion of Asia, particularly China. It is majorly the dry bulk shipping firms that have benefited the most from the development since iron ore and coal are the two major resources that are required for a country’s infrastructure to be taken to the next level. Ever since the beginning of the new millennium, China has provided very lucrative contracts both on the spot, and time charter market for dry bulk shippers. As a result, many new shipping tycoons were created.
Families
Most Greek shipping has been run as a family business.
The association of Greece and shipping became more apparent when in the 20th century people known as “The Golden Greeks” like Aristotle Onassis and Stavros Niarchos attracted a lot of spotlight due to their entrepreneurial success and lavish lifestyles. As a matter of fact, the story of these two men sounds like an ancient Greek myth taking into account that they both were a nemesis of each other, both started out from nothing, and both were able to build fleets larger than national navies in just a few decades. They resembled ancient Greek titans more so than 20th century entrepreneurs. Moreover, a lot of mystery lies behind Greeks in shipping but the financial numbers indicate that they go very well together.
From Wikipedia, the free encyclopedia
Date: 2008-09-15