A critical review of contemporary Greek shipping policy 1981-1996

It has been argued that Greek shipping policy, during the whole post-war period, had mainly among its objectives the maximisation of the foreign exchange inflow from shipping. This objective has been achieved in the sense that shipping foreign exchange inflow was increasing up to and including 1981. For reasons explained, on board Greek flagged vessels foreign crews were allowed to work during the post-war period, a fact that has resulted -- as shown by our research -- in a foreign exchange payment of US$406 million per year. Naturally, foreign crews remit their wages to their countries. Fortunately, however, for Greek shipowners it was only in 1983 -- under the pressure of the then acute shipping crisis -- that Greek Government legislated that foreign crews should be paid in future not according to Greek crew wages but in accordance with the wages prevailing at their countries. Our research has shown that this policy measure benefited Greek shipping with US$321.4 million per year. Our analysis covers also further policy measures which constitute Greek shipping policy during the last 15 years. The cause of this article was to see a rather small economic nation like Greece taking policy measures for a giant (first world position) international offshore sector like its commercial shipping.