“Greek shipping is at a crux. There has been a prolonged slump in freight rates. The Greek fleet is aging. There is a plethora of new international standards legislation which between now and the turn of the century is going to force the scrapping of many older ships, particularly tankers. Owners are aware of the need to refurbish and renew their fleets”. This is what Robert McDonald wrote in the editorial of the May 1994 issue of Industrial Review, entitled “Currents in Greek Shipping”.