Choppy waters for Greek shipping sector

by on 9 Νοέμβριος 2018

Thanks to President Trump there may be choppy waters ahead for Greeces 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 Greeces 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 Irans 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, Greeces oil tankers may be about to see a substantial drop in business.

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