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Chinese Shipowners Catch Up Fast to Greek Tycoons

Αssociated Press

(AP Photo/Thanassis Stavrakis)

While Greece's shipping oligarchs still dominate the world's seas, Chinese shipping companies are fast closing in on overtaking them in purchasing second-hand vessels, and with the Chinese company COSCO in control of the port of Piraeus.

China's maritime sector is booming behind the world's second-largest economy based largely on cheap labor making other country's goods, providing fuel for other areas such as manufacturing and shipping.

Some 15 times the population of Greece, China is also catching up fast in the shipping industry that has seen untaxed Greek owners rule the world's waves for generations.

According to Allied Shipbroking, Greek shipping interests in 2019 recorded 234 transactions worth $3.18 billion, compared to 212 vessel transactions for Chinese interests worth $2.31 billion, the business newspaper Naftemporiki reported.