Correct.For more info check these:
http://www.subsim.com/phpBB/viewtopi...merchant+fleet
http://www.subsim.com/phpBB/viewtopi...ht=greek+ships
Practically the Germans confiscated what ships they found in Greece,but most of the open sea merchant fleet was outside Greek ports and joined the allies,as most of the warships did ,since the Greek King formed goverment in exile in Egypt.Most ships that were under German control were smaller ones used for domestic waters transport and wooden boats used for fishing ("kaikia","trates" etc).