IDEAS home Printed from https://ideas.repec.org/a/spd/journl/v64y2014i2p40-49.html
   My bibliography  Save this article

Financial Crisis & Passenger Shipping: Evidence from Greece

Author

Listed:
  • Evangelos Sambracos

    () (University of Piraeus, Department of Economics)

  • Marina Maniat

    () (University of Piraeus, Department of Economics)

Abstract

The world financial crisis has resulted in the slowdown of Greek economy leading to the recession of certain sectors, like Passenger Shipping. Factors, such as the decrease of private consumption and GDP, have negatively influenced Passenger Shipping, resulting in the reduction not only of the relevant demand, but also of the sector’s financial results. The paper examines the current situation of Greek Passenger Shipping during this “crisis” period. Financial analysis of the sector has indicated that companies face many problems; annual turnover decreases, reduced profit margins and deteriorating liquidity ratios, while the relevant financial ratios are worse than the corresponding ones of the Greek Economy on average. Considering the role of passenger shipping in combination with the particularity of the Greek insular area (many islands connected primarily with mainland and among them through sea transport), the paper examines and evaluates possible solutions, in order for the passenger companies to survive and keep providing their vital services.

Suggested Citation

  • Evangelos Sambracos & Marina Maniat, 2014. "Financial Crisis & Passenger Shipping: Evidence from Greece," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 64(2), pages 40-49, April-Jun.
  • Handle: RePEc:spd:journl:v:64:y:2014:i:2:p:40-49
    as

    Download full text from publisher

    File URL: https://spoudai.unipi.gr/index.php/spoudai/article/download/109/197/109-532-1-PB.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Konstantinos Rigas & Evangelos Sambracos & Androniki Gatzoli, 2011. "Air and sea transport: Competition strategies under normal and economic crisis environments," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 61(3-4), pages 65-84, July - De.
    2. Sambracos, Evangelos & Rigas, Konstantinos, 2007. "Passenger reactions to market deregulation: First results from the experience of the Greek islands market," Journal of Air Transport Management, Elsevier, vol. 13(2), pages 61-66.
    3. Konstantinos Rigas, 2012. "Connecting Island Regions – A Qualitative Approach to the European Experience," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 62(3-4), pages 30-53, July - De.
    4. Sambracos, Evangelos, 2001. "The contribution of Coastal Shipping in the Regional Development of the Greek Islands. The Case of the Southern Aegean Region," MPRA Paper 52519, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ioannis Koliousis, 2016. "Assessing the Impact of the Latest Deregulatory Developments in the EU28 Transport Industry Production: a Critical Review Based on Empirical Data," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 66(1-2), pages 3-21, January-J.

    More about this item

    Keywords

    Financial Crisis; Passenger Shipping; Financial Analysis.;

    JEL classification:

    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • G01 - Financial Economics - - General - - - Financial Crises

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spd:journl:v:64:y:2014:i:2:p:40-49. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (SPOUDAI Journal of Economics and Business). General contact details of provider: http://edirc.repec.org/data/cepflch.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.