Choppy waters for Greek shipping sector

by on 9 November 2018

Thanks to President Trump there may be choppy waters ahead for Greece’s vital shipping industry.

As the US this week reinstated a global ban on Iranian oil exports, there are few countries outside of Iran that will be more affected by the move than Greece.

This is because Greece’s merchant shipping fleet – the biggest in the world by tonnage – is also the largest transporter of Iranian oil.

Of the 217 oil tankers that ferried Iranian crude oil in the first six months of this year, 81, or 37%, were Greek-owned. The next highest was Iran’s own National Iranian Tanker Company with 51 ships, followed by Denmark, China and Japan.

Although Greece is one of eight countries to be given a 180-day extension by the US – with the others being China, India, Italy, Japan, Turkey, South Korea and Taiwan – the White House has told those nations to start reducing their Iranian oil orders.

And with every other country told to stop immediately, or else face their own knock-on trade penalties from the US, Greece’s oil tankers may be about to see a substantial drop in business.

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