Greek shipping: Domestic banks provide 27% of total sector financing

Lending by Greek banks to the Greek-owned shipped sector accounts for 27 percent of total financing extended to the latter, according to members of the Association of Banking & Financial Executives of Hellenic Shipping, who met this week with relevant shipping minister Christos Stylianides in Piraeus.

In briefly presenting the association’s work, association president Giorgos Xiradakis cited a reduction of Greek shipping loans in foreign banks’ portfolios, especially after the collapse of Lehman Brothers in 2008. He said Greek banks picked “up the “slack” after 2009, along with alternative forms of financing, such as public offers and listing in foreign stock markets, lending by Funds, leasing houses etc.

The 27-percent figure cited corresponds with 14 billion USD in value.

In his comments, Stylianides, a former EU Commissioner, cited the crucial role of Greek shipping in safeguarding the fulfilment of the EU’s energy needs.

Members of the association also called for new and innovative financing schemes to support the future decarbonization of shipping and a gradual energy transition.