Rough seas ahead for the Greek shipping industry

© Khunaspix Dreamstime.

Greece and European finance minsters have finally come to an agreement which will stave off the immediate threat of bankruptcy – but businesses in the supply chain and shipping industry have been struggling. First, the Greek shipowners, which account for some 20% of the global merchant fleet, are to face an increase in tonnage taxes, despite saying last week that there was no chance they would pay up. Several, according to WSJ, have threatened move their operations to London, Singapore or Dubai. And although written before the deal was negotiated,  Spend Matters has published a good round-up of the issues for the Greek shipping sector, which is finding it hard to buy fuel, and the country’s exporters, who are seeking cash payments.