With a total asset value of some $105bn bank financing to Greek shipping continues to contract, but at a slower rate.

Consolidation in the Greek shipowning community and the growth of its fleet in carrying capacity terms is accelerating at its fastest pace in two decades.

Poor market conditions and a lack of ship finance have failed to slow the evolution of the Greek-owned fleet. If anything, the current state of the market has presented challenges which have in turn spurred the evolution. Challenges linked to the sizeable orderbook, the lack of finance and the adverse impact of these on vessel values and cashflows are conditions which Greeks are adept at exploiting.

Greek shipowners seem generally to be having a “good crisis” despite the prolonged recession. Undoubtedly it has taken a toll, especially among smaller owners who are so important to the Greek shipping cluster, but the market doldrums have brought down remarkable few of the major players