Ties Help China, Greece Weather Downturn

The global shipping industry faces a grim outlook amidst the European debt crisis, an oversupply of vessels and low freight rates, compelling industry heavyweights China and Greece to strengthen seaborne cooperation.

Maritime ties help China, Greece weather shipping downturn

By Matthew Fulco, China.org.cn

With world trade down, fewer ships are on the waters and rising fuel costs are eating into operators’ profit margins. A glut of ships sits on the market because ship owners ordered huge numbers of vessels during the mid-2000s economic boom.

Shipping carries 90 percent of global trade and is one of the first industries hit when economic conditions sour.

The severity of the situation places maritime cooperation between China and Greece at a critical juncture.

Greece is a major player in the international shipping industry, with nearly 4,000 ships – 8 percent of all vessels sailing – and 15 percent of the world’s total moving capacity. Greek ship owners control 25 percent of the world tanker fleet. Shipping accounts for 6 percent of Greece’s GDP and generates 75 percent of…….[access full article]