Consolidation in the Greek shipping market accelerated last year at its fastest pace in two decades, Petrofin Research said in its latest paper.

The number of shipping companies registered in the country dropped by 6.4% last year to 597. It has reached its lowest level since Petrofin data started in 1998, posting its biggest annual decline since 1999.

The number of companies with just one or two ships dropped at the steepest rate, falling by 12% compared with 2016, to 233 firms.