Greek shipping maintains its dominant global position, according to a recent study by McKinsey & Company, conducted in collaboration with the Union of Greek Shipowners. Despite representing less than 0.3% of global GDP, Greece controls around 20% of the world’s deep-sea shipping, highlighting its crucial role in international trade and the global economy.
With over 5,000 vessels under Greek management, Greece leads the world in transporting liquid and liquefied gas cargos and holds the second-largest market share in dry bulk shipping. Notably, Greek-owned vessels were responsible for 30% of the LNG imported into Europe in 2023, while Greek tankers accounted for 40% of Europe’s sea-based crude oil imports.
The maritime sector’s impact on Greece’s economy is equally significant, with an estimated contribution of $14 billion, supporting over 150,000 highly skilled jobs. Greek shipowners also reinvest about $1.4 billion each year into other sectors of the Greek economy, such as tourism, real estate, and energy, while over $400 million annually is allocated to social solidarity projects.
Athens has become one of the world’s most important shipping management hubs, hosting over 750 shipping companies, with more than 100 managing fleets of more than 10 vessels each. In the past decade, Greek shipowners have invested more than $100 billion in acquiring new ships, bolstering their presence in the global maritime market.
Revenues from Greek-owned deep-sea shipping are almost exclusively derived from international operations, with annual turnover ranging from $40 to $50 billion, depending on market conditions. More than 20 Greek shipping companies are listed on foreign stock exchanges, with a combined market capitalization exceeding $9 billion, reflecting their significant international influence.
The study also outlines potential measures to further strengthen the sector, suggesting that targeted investments could increase its economic footprint by $3-4 billion annually. These measures include bolstering the shipping cluster, accelerating digital transformation, promoting Greece as a global maritime education hub, investing in green technologies, and positioning the country as a key center for ship repair in the Mediterranean.
