Shipping outlook rosy despite the war

By a Staff Reporter

DESPITE the fact the Iraq crisis will take its toll on Cyprus’ shipping, the outlook for the industry is highly promising, leading business figures said yesterday.

At the 14th annual general assembly of the Cyprus Shipping Council (CSC), held yesterday in Limassol, dignitaries said that Cyprus’ shipping industry had great potential as the island accedes to the EU.

CSC president Andreas Drousiotis described the shipping industry as a “sensitive sector,” susceptible to economic developments globally.

Drousiotis said: “The continuous political instability in the Middle East, the 9/11 terrorist attacks in the United States, followed by the war in Afghanistan and last, but not least, the current war in Iraq… have left their unpleasant mark on the passenger ship industry in Cyprus.”

Other problems faced by the industry included taxation issues, sporadic industrial unrest and ship compliance with safety and quality standards. Although ships carrying the Cypriot flag have not been stricken from Europe’s so-called “Black List”, their record has been steadily improving in recent years.

According to Drousiotis, Cyprus’ is already one of the largest shipping organisations in the world. Following full accession to the EU the island will make up 25 per cent of the bloc’s fleet. Citing a “conservative estimate”, Drousiotis said the shipping industry contributed to two per cent of GDP. Some 5,000 people are currently employed in the industry, while 140 companies are full members of the CSC.

The CSC’s general assembly was also addressed by Communications and Works Minister Kikis Kazamias, who noted that Cyprus was the first country in the current batch of EU candidates to have concluded the shipping chapter.

Also attending the event were President Tassos Papadopoulos, government ministers and EU dignitaries including Adriaan van Der Meer, head of the EU delegation of the European Commission to Cyprus.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.