Greek shipping companies would consider moving out, study finds

Roughly one in two Greek shipping companies (56 percent) would consider relocating their administrative bases abroad, according to the findings of an Ernst & Young study titled "Repositioning Greece as a Global Maritime Capital."

The study's results warn of a possible exodus by the country's shipping enterprises at a time when global maritime centers are interested in attracting Greek shipowners.

The European Commission's Directorate-General for Competition is also causing uncertainty for the Greek shipping industry with its prolonged examination of its legal framework in Brussels.

"If the local shipping sector's legal framework becomes noncompetitive, or far more attractive offers are made by other countries, then a major exodus by Greek-owned shipping companies is possible," warned one sector entrepreneur, echoing the sentiment of the Greek Shipowners...