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Greek
shipowners control one of the world's largest ocean-going
fleets and shipping remittances are still important to the
country's current account balance.
While
the number of vessels registered under the Greek flag is declining
because of high crewing costs, the Greek-owned fleet continues
to expand.
Greek
owners are placing a high priority on fleet renewal, with
a record number of new building orders placed last year -
though the sector is still dominated by operators of older,
second-hand vessels.
Greece's
coastal shipping operators are also investing heavily in new
fast ferries to prepare for the lifting of cabotage restrictions
in Greek waters at the end of 2003.
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