Number of shipping firms declines

Over the past 15 years, on average, a trade shipping company based in Greece either shuts down or, in some cases, moves abroad each month, according to data published by consultants Petrofin Research.

In 2009, the number of shipping firms - passenger shippers excluded - based in Greece was 773; in 2023, the number was down to 592.

Most of the decline is due to the consolidation of the sector, and the 'single-shippers,' in trade parlance, are a vanishing species.

But a few firms of all sizes have moved to what are seen as business-friendlier locations, such as Dubai, Singapore and Monaco.

A partial exemption is the creation of spinoffs.