The Investment Strategy and the Growth Policy of Greek Shipowners Revealed, 1946-2020

Abstract

Greek shipowners do not believe in forecasting shipping markets, and are well aware of their cyclicality and volatility . We have showed elsewhere that shipping is a game with jokers, which appear suddenly and unexpectedly. After a long observation of the Greek owned shipping (GOS) strategy, we found-out that it builds and buys ships larger and newer, when a shipping cycle offers rock-bottom prices, and subsequently sells ships smaller and older. We showed this with data and with an adequate number of figures. We also found-out that technology has brought cycles faster in the markets! We have also showed the growth of GOS since 1856, and especially since 1945. Greek ship-owners, with whatever cleverness they possess, they could not beat wars, recessions and depressions, as showed, but they tried to get advantage of them . Their timing was not perfect, but very good, as the prices at which bought 1568 2 nd hand ships were 86.5% cheaper (1983-1987) than in their peak price (1980). GOS pursues a cost leader ship policy in all frontiers: economies of scale; economies of age; economies of low capital cost; low depreciation, and rock-bottom prices… Greeks proved that the 2009 crisis offered good opportunities, and they had the funds required.