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Financial Crisis & Passenger Shipping: Evidence from Greece


  • Evangelos Sambracos

    () (University of Piraeus, Department of Economics)

  • Marina Maniat

    () (University of Piraeus, Department of Economics)


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

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    References listed on IDEAS

    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. 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.
    3. 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.
    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.
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    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


    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


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