The International Maritime Organization, from the little I have read has some sort of evaluation of "flag credibility" which affects such things as insurance rates, and inspection procedures (that could be time-consuming). I.e. liabilities based on Greek law is something insurers prefer compared to flag-of-convenience countries... Also Greek shipowners will no longer have the advantage of being part of a country block that supports their interests in more ways that one and at all levels. The single most active area of intervention by Greece in EU affairs concerns shipping laws and regulations. The Greek commissioner is of Shipping and Fisheries.

The road of excess leads to the palace of wisdom - William Blake