Greek shipping companies indirectly contribute $1 trillion to US economy

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. 

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”.