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Greek Shipping Earnings and Investment Expenditure: Exploring the Pre & Post "Ordering -Frenzy" Period


  • Zacharias G. Bragoudakis

    () (Bank of Greece, Economic Analysis and Research Department)

  • Stelios Th. Panagiotou

    () (Bank of Greece and University of the Aegean, School of Business Administration,Department of Shipping Trade and Transport)

  • Helen A. Thanopoulou

    () (University of the Aegean, School of Business Administration Department of Shipping Trade and Transport)


The influx of shipping receipts from the world's leading fleet has been critical for the development of the Greek economy. Following the disastrous September of 2008, the range and speed of the shift in direction of the freight rates, combined with the general economic and credit climate, have had a significant impact on Greek receipts from shipping. The paper investigates both the long and short term responses of shipping flows in the Greek balance of payments on the basis of monthly data. It also assesses the change in Greek ship-owners’ investment expenditure from 2006 onwards. The paper presents estimations of the impact of freight market determinants on the shipping inflows through the construction of a unique Greek shipping freight rate index. The shipping outflows are influenced by the developments in the loans outstanding and the second-hand vessels’ price index. The findings provide also evidence in favour of a change in the investment expenditure of the Greek shipping companies as well as of an increasing significance of the Greek ship financing cluster after 2006.

Suggested Citation

  • Zacharias G. Bragoudakis & Stelios Th. Panagiotou & Helen A. Thanopoulou, 2015. "Greek Shipping Earnings and Investment Expenditure: Exploring the Pre & Post "Ordering -Frenzy" Period," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 65(3-4), pages 3-28, july-Dece.
  • Handle: RePEc:spd:journl:v:65:y:2015:i:3-4:p:3-28

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    References listed on IDEAS

    1. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 39(3), pages 106-135.
    2. Zacharias Bragoudakis & Stelios Panagiotou, 2010. "Determinants of the receipts from shipping services: the case of Greece," Economic Bulletin, Bank of Greece, issue 34, pages 41-55, September.
    3. Hercules E. Haralambides & Helen Thanopoulou, 2014. "The Economic Crisis of 2008 and World Shipping: Unheeded Warnings," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 64(2), pages 5-13, April-Jun.
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    5. S D Tsolakis & C Cridland & H E Haralambides, 2003. "Econometric Modelling of Second-hand Ship Prices," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 5(4), pages 347-377, December.
    6. Grammenos, C.Th. & Nomikos, N.K. & Papapostolou, N.C., 2008. "Estimating the probability of default for shipping high yield bond issues," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 44(6), pages 1123-1138, November.
    7. Elliott, Graham & Rothenberg, Thomas J & Stock, James H, 1996. "Efficient Tests for an Autoregressive Unit Root," Econometrica, Econometric Society, vol. 64(4), pages 813-836, July.
    8. Thanopoulou, Helen A., 2007. "Chapter 2 A Fleet for the 21st Century: Modern Greek Shipping," Research in Transportation Economics, Elsevier, vol. 21(1), pages 23-61, January.
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    Cited by:

    1. Anna, Merika & Anna, Triantafyllou & George, Zombanakis, 2019. "Wage and tax competitiveness: The case of Hellenic shipping," Transportation Research Part A: Policy and Practice, Elsevier, vol. 119(C), pages 255-270.

    More about this item


    Shipping Earnings; Shipping Investment; Balance of Payments; Shipping Services; Dynamic OLS; Error Correction Model;

    JEL classification:

    • C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • R4 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics


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