Specialisation in Shipping
Greek shipping is closely linked to the economic and social life of the country. Piraeus along with London are considered the hub of international shipping, since Greek-owned vessels make up about 15% of the global shipping fleet.
Greek shipping may be divided into 2 major categories:
- Ocean shipping – Freight transport using ships (dry cargo vessels, liquid cargo vessels, container ships and other specialised vessels)
- Passenger shipping – Between mainland Greece and the Greek islands or Italy. Due to the territorial morphology, Greek passenger shipping is a significant activity with wide social and economic implications
Piraeus Bank has been active in the area of shipping finance since the end of 1990. It initially acquired the Greek shipping portfolios of the banks Natwest and Credit Lyonnais, while it then acquired the Bank of Macedonia-Thrace portfolio. The Shipping Division was further strengthened by hiring experienced market executives. The portfolio was gradually developed based on the Bank's strategy so as to address the needs of existing customers as well as attract new ones.
Piraeus Bank's shipping financing mainly relates to financing ocean shipping (€1.4 billion), while passenger shipping finance accounts for €0.2 billion.
Staff of experts
The Shipping Division aims at building long-term relationships with select customers which will prove financially beneficial for both parties. To achieve this aim, its main priorities are to establish quality relationships and to offer effective services. Piraeus Bank supports shipping customers against shipping market fluctuations, offering a range of services that include:
- All types of long-term financing to shipping groups or companies to buy/build ships and/or use it as working capital
- Issuing of Letters of Guarantee
- FX lines, Interest Rate Swaps, Bunker Swaps (derivatives).
Its team of shipping experts also assist you in other areas, which include:
- Cash management for companies and/or bodies
- Fund transfer (remittances)
- Foreign exchange and interest rate operations
- Payroll accounts
- Issuing of corporate credit cards