why are there so many greek shipping magnates
Greek shipping Greece is a maritime nation by tradition, as shipping is arguably the oldest form of occupation of the Greeks and has been a key element of Greek economic activity since ancient times.[1] Today, shipping is the country's most important industry worth $9 billion in 2015, 4% of the country's GDP. If related businesses are added, the figure jumps to $17 billion or 7.5% of GDP, employs about 192,000 people (4% of the workforce), and shipping receipts are about 1/3 of the nation's trade deficit.[2] [3] In 2015, the Greek Merchant Navy controlled the world's largest merchant fleet, in terms of tonnage, with a total DWT of 334,649,089 tons and a fleet of 5,226 Greek-owned vessels, according to Lloyd's List.[4] Greece is also ranked in the top for all kinds of ships, including first for tankers and bulk carriers.
Ship breaking In 2012, roughly 1,250 ocean ships were broken down, and their average age was 26 years.[3][4] In 2013, the world total of demolished ships amounted to 29,052,000 tonnes, 92% of which were demolished in Asia. India, Bangladesh, China and Pakistan have the highest market share and are global centres of ship breaking, with Chittagong Ship Breaking Yard in Bangladesh, Alang in India and Gadani in Pakistan being the largest ships' graveyards in the world.[5] The largest sources of ships are states of China, Greece and Germany respectively, although there is a greater variation in the source of carriers versus their disposal.[6] The ship breaking yards of India, Bangladesh, China and Pakistan employ 100,000 workers as well as providing a large amount of indirect jobs. In Bangladesh, the recycled steel covers 20% of the country's needs and in India it is almost 10%.[7]