The scope of this study was to examine the use and extent of use of shipping derivatives in Greek Shipping market. To achieve this purpose a questionnaire was conducted and addressed to chief managers of various shipping companies regardless of size and market. A sample of 31 companies was collected and based on their responses we came across significant conclusions. We found out that shipping derivatives in Greece are still in an initial stage. A few companies use them regularly as a risk aversion technique. The majority faces them with cautiousness and reluctance. Liquidity and credit risk are two of the main risks associated with shipping derivatives by Greek ship-owners. For shipping derivatives to become more popular in Greek Shipping market Banks should support them and undertake a role of consultant and regulator. Furthermore time and money should spend to train and employ expertise personnel.