EMEA News
Greek Financial Crisis: Capital Controls Leave Greek Shippers Struggling to Buy Bunkers
Greece's financial woes have caused up to a fifth of the country's shipping fleet to be stranded in domestic ports as capital controls have prevented some shippers from buying fuel, The Telegraph reports.
The added restrictions imposed by the Greek government have reportedly prevented a large number of smaller companies from carrying out business.
"There is a problem in the industry because many companies cannot buy any oil," said an unnamed source at the Zouros Shipping Company.
"Many ships are locked in harbours – maybe as many as 20 percent – and are not allowed to make payments outside the country because of capital controls."
While larger shipping lines can reportedly rely on overseas cash reserves in the short-term, many smaller players don't have the luxury and depend on the domestic banking system.
"For smaller companies it's very difficult," said the unnamed source.
The Greek merchant fleet is reportedly the world's largest by capacity with 4,000 vessels, while shipping also reportedly accounts for six percent of the country's GDP.
Earlier this year, Yiorgos Anomeritis resigned as CEO of the Port of Piraeus ahead of plans to privatize the port, a move which he had objected to.
