The EU Perspective

EU shipping has played a vital role in ensuring the competitiveness of the EU economy throughout the decades, as almost 74% of the EU’s external trade is transported by sea (Figure 9).

This has been achieved mainly by transporting vast quantities of staples such as food, raw materials and energy products to and from and also between European countries at a relatively low cost and with a reliable service.

In 2023, 76% of the total extra-EU trade in agricultural products was transferred by ships, while for some products almost all quantities were imported or exported by sea, e.g. barley (95%), wheat (94%), soya beans (93%), olive oil (93%), rice (88%), tea (87%) and coffee (82%). Sea transport also accounted for the largest part of the extra-EU trade in other important raw materials such as chemicals (80%), fertilisers (86%), iron and steel (83%) and textiles (77%).⁸   

Shipping is also a vital enabler for the energy security of the EU, especially in light of recent geopolitical tensions and the subsequent policy decision to diversify energy sources. Given that EU Member States rely heavily on imported energy, it is evident that without shipping the continent’s economy would in effect come to a halt (Figure 10).

The EU is focused on enhancing the economic security and competitiveness of its industries against other countries / regions of the world. The success of its Green Deal Industrial Plan in supporting the competitiveness of a net-zero industry and for a fast transition to climate neutrality as well as the achievement of various other EU relevant legislative initiatives, relies substantially on the shipping sector. For example, ships are already the main mode of transport for clean energy products to/from the EU with shares rising to 71.9% for liquid biofuels, 92.3% for wind turbines and 81.9% of solar panels⁹.

Accounting for more than 60% of the EU capacity, Greek shipping contributes to Europe’s food, energy and supply chain security.

The EU shipping industry also contributes significantly to the EU’s economy, consistently recording a positive balance in sea transport services. This translates into billions of euros annually. Since 2010 the amount cumulatively exceeds 340 billion euros with increasing growth in recent years¹⁰. In order to maintain this trend, the EU should actively continue to promote the conclusion of free trade agreements with third countries, including the liberalisation of maritime transport services to facilitate the global activities of the EU-controlled fleet.

The importance of EU shipping for the continent’s economy and autonomy is indisputable, far exceeding its role as a mode of transport. Greek shipping is the fundamental pillar of this key sector, as it accounts for more than 60% of the EU-controlled fleet. The share of the Greek-controlled fleet is higher for the strategic ship types that carry critical supplies to EU Member States (Figure 11).

EU shipping is not only important for Europe but also for the rest of the world. With an international and cross-trading fleet, it constitutes a major export industry and a considerable political asset in the EUs discussions with third countries on trade or other issues. 

However, the EU’s share of owned world tonnage is exhibiting a diminishing trend, with East Asian countries gaining increasingly greater market share. EU policy must, therefore, prioritise efforts to reverse this trend and help the industry maintain its global competitiveness and strategic advantage.

EU shipping is a strategic sector for the EU’s security and autonomy and a catalyst for EU enterprises’ competitiveness and its exports.

⁸Eurostat database, International Trade in Goods, February 2024

⁹Eurostat database, International Trade in Goods, February 2024

¹⁰Eurostat database, International Trade in Services, February 2024

¹¹European Commission, EU Transport in Figures, Statistical Pocketbook 2023