Greece Shipping Report Q2 2015
BMI View: While Greek ports continue to benefit from their role as regional gateways, linked to European transit trade demand, risks to the shipping sector have increased as a result of the election of the new Syriza government. The new administration in Athens has halted its predecessor's privatisation programme, including the planned sale of a stake in Piraeus Port Authority (OLP). This could damage the country's future attractiveness to investors, with ship-owners also potentially affected by increased rates of taxation.
In addition to this, it has been suggested that the role of China's COSCO Pacific, which has been instrumental in driving up box traffic at the Port of Piraeus, could be affected. The new deputy minister of shipping and the Aegean, Thodoris Dritsas, said that 'the COSCO deal will be reviewed to the benefit of the Greek people'. As a result, there is much uncertainty in Greek's shipping industry following the election of the Syriza-led government.
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