Having the priviledge of hosting the leading maritime force in the world, Hellas and Piraeus in particular lack the necessary framework and incentives.
Having the priviledge of hosting the leading maritime force in the world, Hellas and Piraeus in particular lack the necessary framework and incentives, which would see the uprising of the proper services and tools to benefit shipping companies, not only domestically, but on a global basis. Instead, London, Singapore, New York, Hong Kong and many others have been enjoying the benefits of a maritime cluster, without even being leaders in the maritime industry, at least in terms of local shipping companies and ship owners. Thus, they have been able to provide support to the local economies, much needed in today"s dismal financial and economical environment.
Despite the absence of the necessary legal framework and infrastructure, Piraeus still shows signs of professional service providing, both locally but also on an international level. The example of the shipbroking office of George Moundreas & Co., one of the leaders in its field, being active for over a cantury, is certainly noteworthy and provides an example of what can be achieved.
The company recently concluded one of the biggest deals in the shipping industry, acting as a broker for Libya"s National Oil company (GNMTC), which has set forth a huge investment programme to acquire a fleet of tankers. During the past 18 months, Libya has acquired with the help of G.Moundreas a total of 12 tankers, with a total value of more than $1 billion. They include nine aframaxes, one suezmax and two product tankers. Six vessels were bought from Greek ship owners, four from Turkish interests and two from Danish, a testament to the globalization of the service providing capabilities of Piraeus companies. In fact, the latest transaction between Libya"s GNMTC (the buyer) and Turkey"s Geden (the seller), which involved four aframax tankers, was the biggest deal to go forward in the past six months on a global basis. This proves that with the proper tools, Piraeus" companies can do miracles, not only for the Hellenic-owned shipping companies, but also for international companies as well.