Greece’s dominant position in global shipping could become the catalyst for reviving its long-weakened shipbuilding industry, helping turn one of the country’s most outward-looking sectors into a broader driver of industrial growth, the Bank of Greece (BoG) said in a special chapter of its latest monetary policy report.
The central bank said Greek shipping remains a pillar of the domestic economy, with receipts from sea transport services averaging 18.07 billion euros annually in 2021-2025, equal to more than 38% of services exports and 8.2% of GDP on a gross basis. However, the BoG argues that the domestic footprint of the sector could be strengthened if more imported materials and know-how were replaced with goods and services produced in Greece, particularly through shipbuilding, repair and marine equipment.
That remains a steep challenge. Most Greek-owned vessels are built in China, South Korea and Japan, the report states, which dominate global shipbuilding, while Europe’s share of the market has shrunk sharply over recent decades. Greek output remains marginal by comparison.
Still, the report argues that shipping’s energy transition is opening a fresh window for Europe and for Greece. Tougher environmental rules, decarbonization targets and demand for cleaner vessels are expected to drive new orders, retrofits and technology upgrades over the coming years, from alternative-fuel conversions and propulsion systems to digital ship-management tools. The global shipbuilding market is projected to grow to US$275 billion by 2030 from $207 billion in 2025, while thousands of commercial vessels will require major technical interventions to meet net-zero targets.
The Bank of Greece said Greece could seek a greater share of that market by leveraging its proximity to Europe’s largest shipowning community and by tying shipyard revival to defense production, maritime equipment manufacturing and a stronger domestic shipping cluster linking yards, shipowners, universities and research centers.
The analysis comes as Greek policymakers and industry executives have increasingly focused on rebuilding shipyard capacity, including through investment at the Syros, Elefsina and Skaramangas yards, while the European Union pushes to bolster maritime industrial capacity amid rising strategic dependence on Asian yards.
The central bank said the next challenge for Greece is to convert its global shipping strength into industrial strength at home.
Source: tovima.com
