XRTC: Smaller Shipping Companies Gaining Ground in Greece

Smaller shipping companies appear to have emerged the winners of the economic crisis, boosting their share of the market compared to major players Minoan Lines, Hellenic Seaways, ANEK and Attica, according to the 17th annual study on shipping released on Thursday by XRTC Business Consultants.

According to the findings, Greece’s shipping sector is also set to enter a renewed phase of investment activity.

“Study data indicates strong signs of a new upsurge in the coastal shipping market after a decade of decline and stagnation,” the report says. XTRC analysts attribute the improved outlook to an increase in tourist traffic, dropping oil prices and growing migratory flows,” adding that the sector is now in a position to cope with the pressure of another financial year.

On the downside, XRTC analysts point to the fluctuating cost of fuel, also stressing the need for a modernized legal framework.

“There is an urgent need for a modernized institutional framework which is not based on the creation of incentives leading to market distortions, but ensuring conditions for healthy competitiveness,” the report said, adding that this should be drawn up jointly by the ministries of shipping, transport and Infrastructure “in order to provide comprehensive solutions which benefit the citizens”.

The Piraeus-based consultants expect the sector’s performance to further improve in the immediate future due to a steady flow of inbound travelers, healthier economic indicators and the privatization of shipping-related infrastructure. This, they say, is a “first-class investment opportunity” attracting private capital backed by investment banks.