Negotiations between the Greek government and its international creditors crossed a milestone on Tuesday when the parties agreed on a new financial bailout that is expected to secure the country upwards of EUR 86 billion in new loans over the next three years.

In return, Greece must implement comprehensive reforms that will impact sectors including the country's major shipping cluster. And following the deal, the Greek shipping industry now faces a new reality with new conditions, reports The Shipping Herald. This includes the tax laws for Greek shipping which have been a point of contention during the negotiations between the Chairman of the EU Commission Jean-Claude Juncker and the Greek government.