Maersk’s Funding Operations in Greece Unaffected

The shutdown of banks in Greece has not influenced A.P. Moller-Maersk’s funding operations in the country, Danish oil and shipping conglomerate said.

“We are not facing issues funding local operations. Maersk Line continues to receive incoming payments via bank transfers and cash at counter,” Maersk said in a statement.

“Customers who are able to transfer from accounts abroad are offered to do so to a collection account in London.”

Maersk added that its Greece-based employees had received their salaries ahead of the capital controls imposed after the talks between Greece and its creditors fell through last week.

The country has defaulted on the payment of its USD 1.67 debt to the International Monetary Fund (IMF) which was due yesterday.

However, Eurozone ministers are scheduled to discuss today a last-minute request from Greece for a new two-year bailout.

“As with other countries and regions in which we are present, we follow relevant political developments. Should Greece exit the Euro-zone, we will follow developments closely in order to be able to protect the interests of the company and our employees. In such a case, we expect the Euro will continue to be a traded currency. In addition we hold foreign currency accounts in Greece which we also expect will continue to be operational.

We remain in close communication with relevant stakeholders in order to be able to adjust our plans and actions according to any latest developments,” Maersk added.

As reported by World Maritime News yesterday, the Greek crisis that has seen global stock markets take a tumble on Monday is not expected to have a direct impact on shipping companies, according Morgan Stanley’s analyst Fotis Giannakoulis.

Giannakoulis based its argument on the fact that majority of the shipping companies with offices in Greece are not actually incorporated in the country as they are registered in Marshal Islands or Bermuda.

The Ministry for Economy, Infrastructure, Shipping and Tourism in Greece has advised that there are no current restrictions on foreign bank cards – all foreign bank card holder tourists/passengers should have normal access to funds.

“The current capital controls do not represent a risk to any port operation for ships or their passengers calling under ISS agency oversight in Greece at this time,” Inchcape Shipping Services (ISS) informed.

World Maritime News Staff