Crisis Not Affected Greek Shipping: Morgan Stanley

 

Morgan Stanley analyst Fotis Giannakoulis noted that "nearly 20 percent of the global fleet is controlled by Greek owners and is managed out of Athens," giving Greece the largest share of any country.

 

He assured investors that the Greek crisis "has no direct impact on shipping companies." The only headwinds to Athens-based maritime firms, he said, would come from side effects on the global economy.

 

“Operations of international shipping companies are unlikely to be affected,” Giannakoulis said. 

 

“From our extensive discussions with several management teams during the last few years, we understand that all shipping companies keep their cash deposits in international banks, facing effectively no risk from the capital controls announced,” he added.

 

However, he also noted that none of these companies are actually incorporated in the Mediterranean state. "Similar to every other international shipping company," the companies that have executive offices in Greece are incorporated in the Marshall Islands, Bermuda, and other offshore jurisdictions.

 

Greeks beneficially owned 17 percent of the global fleet’s transportation capacity at the start of last year, according to the most recent study by the United Nations. Japanese owners ranked second with 14 percent.