“Greek shipping suffered less losses than any other shipping power in the last few years because it had avoided excesses and faced the crisis as an opportunity. It achieved a significant renewal of its fleet, rising in size and focusing on expertise, maintaining the top position in tankers and a significant position in cargo vessels,” Alexandros Tourkolias, chief executive of National Bank said on Wednesday.

Speaking at a dinner, held on the occasion of the Posidonia international fair in the presence of Prime Minister Antonis Samaras, government vice-president Evangelos Venizelos and Finance Minister Yiannis Stournaras and Shipping Minister Miltiadis Varvitsiotis and a large number of shipowners, Alexandros Tourkolias stressed that Greek shipping was the biggest player in Europe, accounting for 46.7% of European fleet in dwt (tonnage) terms and remained at the top worldwide.

“This means that Greek shipping not only should have a say, but support also in order to play a strong role in setting, European and even international maritime policy. We must avoid mistakes like those made in the past, which pushed a number of business activities related with shipping, such as shipbuilding, outside Europe with obvious negative consequences,” Mr. Tourkolias said.

The Greek banker said National Bank’s shipping portfolio presented a low bad debt rate of only 6.0% of total portfolio, significantly lower compared with the average portfolio (domestic and international).

“Recent successful share capital increase plans, with the help of your participation, laid the foundation to put National Bank among the most robust financial groups in the Euro area, integrating even the most strict principles of Basel III. Private investors’ participation in the bank’s equity capital jumped to 43% from 16%, while seven foreign investors held an 1.0% equity stake each in the bank,” CEO of NBG said.

“National Bank is in a position to play the role it deserved in the Greek economy, distributing 3.0 billion euros in the Greek market this year,” Mr. Tourkolias added.