Arbitration, as an alternative to court proceedings, has often been preferred by parties to commercial and maritime disputes. London and New York have developed to become the principal centres for maritime arbitration, and the number of such arbitrations conducted in these cities is far higher than elsewhere. Notwithstanding this, a new trend seems to be emerging in Piraeus, the relatively new but quickly developing world shipping centre in Greece. The trend is no doubt in a very early stage but it is worth noting. A number of maritime arbitrations have been conducted in Piraeus in recent years and although precise statistics are not available the number seems to be increasing. Perhaps more interesting than figures, it is the mood which can be felt among shipping people there—a mood that calls for a quicker and cheaper resolution of disputes. Various factors have contributed to this. The increased number of Greek vessels and the establishment of many shipping firms in Piraeus cannot be overlooked. However, there is another factor that has definitely played an important role in this respect—this is the new Greek legislation on arbitration, which has simplified the procedure considerably and has brought it up to the level of international standards. Whether this trend will develop further it is for the future to show. Regardless of the possible development of such a trend, however, it is worth reviewing the legislative framework which formed the basis for this phenomenon.

The new Greek Code of Civil Procedure1 includes a special chapter, governing the procedure on arbitration2. In this chapter it is provided, in addition, that permanent arbitration procedures may be established by decree at the Chambers of Commerce, Stock Exchange and Professional Unions3. By virtue of this provision Royal Decree No. 447/10.7.69 was issued which established an arbitration by the Greek Chamber of Shipping (GCS). This decree consists of only a few provisions particularly appertaining to maritime arbitration and it is complemented by the provisions of the Code of Civil Procedure. As a matter of fact, under these statutes a dual system for arbitration is established: The ordinary procedure under the Code of Civil Procedure and the special procedure of the Greek Chamber of Shipping for maritime arbitration. Parties to maritime disputes have the option to choose either of these procedures4. In this article both procedures are examined in a parallel way since they are similar or even identical. Notwithstanding, the basic differences are highlighted.