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New measures to modernize coastal shipping
Monday, October 25, 1999
Merchant Marine Minister Stavros Soumakis recently unveiled a package of measures to protect investors and to ensure the modernization of domestic coastal ship<.>ping. Mr. Soumakis said the measures were necessary as new applications for shipping licenses were being used for speculative purposes on the Athens Stock Exchange.
He said that ministry officials were ready to begin examining investor protection measures based on new ship orders by Greek coastal shipping companies. The measures would include binding terms for coastal shipping companies to begin operating a coastal line within an agreed timetable, the raising fees on application approvals from 20 to 300 or even 500 million drachmas, and stricter rules on granting operating licenses.
He said that ministry officials were ready to begin examining investor protection measures based on new ship orders by Greek coastal shipping companies. The measures would include binding terms for coastal shipping companies to begin operating a coastal line within an agreed timetable, the raising fees on application approvals from 20 to 300 or even 500 million drachmas, and stricter rules on granting operating licenses.
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