GREEK shipping has left other sectors behind in terms of the country’s economy and has been playing a vital role in Europe’s energy security, according to a report by multinational business consultancy McKinsey & Co.

In a study conducted in co-operation with the Union of Greek Shipowners, McKinsey valued the ocean-going shipping industry’s annual economic impact on the domestic economy at more than $14bn.

At the same time, it directly supports 60,000 jobs in Greece and another 90,000 additional jobs in other sectors, as well as employing more than 200,000 seafarers serving worldwide.

With an average annual turnover estimated at $40bn-$50bn, it had “left behind other sectors of activity such as transport, real estate and retail” that derive revenues mainly from the domestic Greek market.

Greek shipowners were estimated to reinvest about $1.4bn each year in other sectors of the Greek economy, such as real estate, energy, tourism and sports. The shipping community also contributed an estimated $400m annually in social solidarity.

McKinsey highlighted the importance of the Greek-owned fleet of more than 5,000 ships in international trade.

It underlined the fleet’s role in safeguarding European energy security, citing 2023 data showing 30% of the volume of LNG imported into Europe by sea in 2023 was carried by Greek-owned ships.

Meanwhile, 40% of Europe’s crude oil imports by sea were carried by Greek tankers.

Despite its leading position, the sector needed to “evolve and adapt” in light of global trends, including geopolitical disruption and the energy transition.

McKinsey identified a number of actions that could further build on the sector’s existing strengths, including initiatives to expand the maritime service cluster, greater third-party management of non-Greek vessels, upgrading of ports as supply chain hubs, strengthening of Greek-flag incentives, growth in digitisation and investment in green technologies to take a leading role in reduction of emissions.

According to the study, there was scope to increasing the sector’s footprint in the Greek economy by 20%-30%, or $3bn-$4bn per year.