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Greece Shipping Report Q2 2010Published by: Business Monitor International Published: Feb. 22, 2010 - 92 Pages Table of Contents
AbstractThe quarter has been marked by more turbulence in Greece's port sector. The two prolonged strikes at oneof country's largest ports, the port of Piraeus, have affected the port's productivity, as well as Greece'strade. As a result, Cosco Pacific, the Chinese port operator that was due to take over the running of twocontainer piers at the port of Piraeus on October 1 2009 but due to the strike but delayed from taking overthe ports operations .From a shipping perspective, the good news over the quarter came in the form of a number of country'sshipping companies announcing expansion plans. As BMI reported in January, Greek dry bulk shippingfirm Diana Shipping announced its intention to become a minority stakeholder in a new company thatplans to buy container vessels over the next 12-18 months. The dry bulk shipper is to invest US$50mn inthe new venture, with money being raised 'in a private offering to institutional and accredited investors',according to the firm. Earlier, dry bulk shipping company Paragon Shipping announced the completion of its second marketoffering (ATM) in 2009, with plans to use the money raised (US$41.1mn) to increase the firm's fleet. According to Reuters, another shipping company, Greece-based Goldenport Holdings Inc, said it plansto use a part of a $37mn loan facility, secured with a Greek bank, for the purchase a dry bulk career. In the Q210 Greece Shipping Report we forecast growth in the country's maritime sector, as tradevolumes look set to begin to recover from the downturn of 2009. Imports and exports are expected toincrease by 2.2% and 4% year-on-year (y-o-y) respectively in 2010, and this will have a knock-on effectat the country's ports, as cargo volumes passing through the ports increase. BMI's shipping team forecasts that one of Greece's main ports, the port of Thessaloniki, will experiencey-o-y throughput growth in total tonnage of 4.4%, while container volumes are expected to increase by13% in 2010. This is a considerable improvement on 2009 throughput at the port, which due to the downturn in globaltrade volumes and the decline of Greece's total trade by 3% saw the port of Thessaloniki's total tonnagefall by an estimated 2.3% to 15.7mn tonnes, although the facility's container throughput volumesincreased by an estimated 1.8% to 243,111 20-foot equivalent units (TEUs). BMI's Q210 Greece Shipping Report not only analyses the environment in the Greek shipping market in2010, but looks at developments going forward into the mid term (2011-2014) and considers whether thecountry's trade volumes will increase adequately to allow Greece's ports to reclaim their pre-downturnand pre-strikes throughput levels. The report also contains an in-depth analysis of Greece's main ports, the port of Thessaloniki and the portof Piraeus. We offer an overview of the ports' infrastructure, and consider whether they will be able tocope with cargo growth or whether congestion could become an issue. The ports' expansion anddevelopment plans are also reviewed, along with the facilities' links to the rest of the country's freighttransport. The Q210 Greece Shipping Report contains detailed company overviews of the top 11 global containerlines. Our shipping desk has prepared an analysis of these companies' varying downturn strategies, andwe offer our views and predictions on what 2010 holds for these lines. Get Full Details About This Report >> |
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