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Greek shipping companies indirectly contribute $1 trillion to US economy

Twenty-seven shipping companies of Greek interests listed on US capital markets, were honoured during the first annual Hellenic-American Shipping Gala held this month.

David Glass, Greece Correspondent

July 26, 2023

2 Min Read
Hellenic American Shipping Gala - Diana Shipping Semiramis Paliou[50]
Photo: Propeller Club of the United States

Not only did the event honour the companies listed on the NYSE and Nasdaq exchanges but also celebrated the synergistic cooperation that exists between the two countries.

Organised by the Propeller Club of the United States, Port of Piraeus in collaboration with the US Embassy in Athens, the event aimed to acknowledge and appreciate the close ties of Greek shipping and the US exchanges, the friendship and cooperation between Greece and the US in shipping.

The direct and indirect contribution of Greek-owned ships to the US economy, whose GDP totalled $23.3 trillion in 2021, topped $1 trillion. 

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On the occasion of the first Hellenic-American Shipping Gala, George J Tsunis, US ambassador to Greece, and honorary president of the International Propeller Club, Port of Piraeus, noted the importance of the Greek shipping community in strengthening the US-Greece relationship, stating: "We honour the important role the Greek shipping community plays in US - Greece relations by serving as an essential bridge of friendship between our two nations while sustaining global commerce." 

Costis Frangoulis, president of the Club and vp of the International Propeller Club of the United States, emphasised the significance of the event, stating "the presence of Greek shipping companies on US capital markets is important and long-standing. Now the time has come for this cooperation to be highlighted, and this is exactly what we wish to achieve by organising the Hellenic-American Shipping Gala. We aim to showcase the close friendship between Greece and the United States whilst honoring and celebrating these companies, and the strong synergy they represent." 

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Erick Diaz, head of Capital Markets for Europe, the Middle East and Africa at the New York Stock Exchange, described the real dynamics of Greek shipping. Diaz said; "Today, Greece remains the number one shipping country in the world. Only in the USA, the shipping economy contributed $6 trillion in 2021, of which $1 trillion came directly or indirectly from the Greek shipping… and thus Greece played “a vital role for the US economy”. 

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About the Author

David Glass

Greece Correspondent

An Australian with over 40 years experience as a journalist and foreign correspondent specialising in political and economic issues, David has lived in Greece for over 30 years and was editor of English language publications for Greek daily newspaper Kathimerini in the 1970s before moving into the Akti Miaouli and reporting on Greek and international shipping.

Managing editor of Naftiliaki Greek Shipping Review and Newsfront Greek Shipping Intelligence, David has been Greek editor for Seatrade for over 25 years.

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