Shipping Industry of Greece

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John W. Miller, Greek Shippers Weather Storm; Despite Economic Turmoil at
Home, Firms Appear Poised for a Strong Year. Wall Street Journal, May 13,
2010.
http://online.wsj.com/article/SB10001424052748704879704575236190728497962.html

(a) Quote:

"The [shipping] industry [is] second only to tourism in economic importance
to Greece

"The modern incarnation of Greek shipping was born in the late 1940s, when
Greek entrepreneurs bought over 800 Liberty ships, U.S. wartime cargo
vessels, at bargain prices.

"Greek shipping companies are exempt from paying corporate taxes, under so-
called Law 89.

"Greek shipping companies now own roughly 4,800 vessels and control 15% to
20% of the world's shipping fleet by tonnage, according to analysts. Only
Japan has a larger merchant fleet.


(b) Note: Liberty ship
http://en.wikipedia.org/wiki/Liberty_ship

Read paragraph 1.

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