By Daniel Flynn and Deborah Kyvrikosaios Global shipping is facing its worst crisis in decades. In just a few months, dry cargo rates have fallen by more than 90 percent as a five-year boom has turned to bust. For Greece, which owns a fifth of the world's fleet, that spells trouble. "Panic is one word to describe what is going on," says Polemis, sitting beneath an oil painting of one of his family's first vessels, bought about 200 years ago. "People are selling some ships in a panic mode some companies will go bust." Greece has a lot to lose. At 170 million tons, its merchant fleet is the...
photo: AP
