Speaking at the Piraeus Maritime Club, the Governor of the Bank of Greece, Yannis Stournaras, called for the adoption of a series of measures to strengthen the flow of ships returning to the Greek registry. More ships in the national registry mean an increase in the management of these ships by Greece, he noted, adding that “shipping revenues, together with those from travel services, have been and remain essential for covering a large part of the trade balance deficit and, consequently, the country’s external financing needs.”
Specifically, according to data from the Bank of Greece, revenues from maritime transport services in the period 2019-2023 exceeded an average of 16.5 billion euros per year (i.e., approximately 8.7% of GDP), accounting for over 40% of total services receipts.
He highlighted that expanding services within the maritime cluster, including shipyards and new technologies, could further boost the sector’s contribution to GDP and enhance Greece’s export orientation.
He identified geopolitical tensions, trade fragmentation, and protectionism as the main challenges facing Greek shipping.
“The war in Ukraine and the recent conflicts in the Middle East, including attacks on commercial vessels, have impacted both maritime security and shipping routes,” he said, drawing attention to the broader effects on the global economy, including disrupted supply chains and rising prices for both producers and consumers.
He also emphasized that environmental issues and green technologies are increasingly dominating the global shipping agenda.
On a broader note, Stournaras said the best way to reduce inflation is by strengthening competition, not by reducing VAT. In a recent interview, the BoG governor stated: “Reducing VAT is not a good idea, as this tax is important for fiscal balance, and it is uncertain whether a reduction would be passed on to consumer prices or simply increase profit margins.”