Why are Greek cargo ships affected by downturns in global trade?

Greek cargo ships are particularly vulnerable to downturns in global trade primarily because the Greek merchant fleet is composed predominantly of bulk carriers. These vessels are primarily engaged in transporting cargo between developing countries, making them highly sensitive to fluctuations in international economic activity.1

Because shipping serves as a mainstay of the Greek economy, the industry's high level of exposure to international developments means that global economic instability directly impacts the country's financial health. When global demand for raw materials and goods declines, the demand for the services provided by these bulk carriers drops, leading to significant economic pressure on the sector.21