“Cyprus Shipping remains a reliable Partner, despite current financial difficulties experienced in the Cyprus commercial banking system. All efforts are being made for Ships’ crew, vessels and cargo to remain safe and protected.”

Following long and hard discussions with the Eurogroup, an Agreement was reached late evening, on Sunday, 24 March, through which, a €10 billion financial aid was agreed to mainly re-finance two commercial banks in Cyprus. Whilst this Agreement has imposed some strict austerity measures on Cyprus, it nevertheless brings an end to a rather long financial uncertainty that surrounded the overall banking system of Cyprus.

The Cyprus Shipping Chamber, during this period, has been in continuous contact with the Cyprus Government, the Central Bank of Cyprus and other professional organisations in Cyprus and has offered its expert knowledge in the huge joint effort made, so that the on-going discussions on this matter to be completed the soonest possible for the benefit of the overall Cyprus Economy, which also includes the Shipping Industry.

In this connection, the Chamber, through a coordinated plan of action and close contact with various state agencies, will continue and intensify its efforts to alleviate any operational problems that might occur, thus allowing Shipping companies in Cyprus to continue trading as per normal, meeting their obligations towards their seafarers and charterers. Whilst remaining vigilant on the on-going financial developments in Cyprus, we feel optimistic that the Cyprus Government will promptly implement the appropriate urgent financial measures taking into account the needs of the Cyprus Economy including those of the Shipping Industry. It is also pointed out that the overall Shipping operational and taxation infrastructure in Cyprus remains intact.

The Cyprus Flag Administration also, through its Department of Merchant Shipping, is working normally and without any interruptions and restrictions.

Cyprus Shipping Chamber
26 March 2013