Musandam, Oman. A Cyprus-flagged container ship remained disabled off Oman after a reported Iranian strike caused an engine-room fire and forced the crew to abandon the vessel, leaving one Indian seafarer missing. The incident also triggered another large-scale US attack on Iran.
Ship incident and rescue operation
The GFS Galaxy was struck near its stern at about 22:40 UTC on Saturday while travelling east through the Strait of Hormuz, according to maritime reports. The impact extensively damaged the engine room and prevented the vessel from continuing its voyage.
The UK Maritime Trade Operations centre located the incident about nine nautical miles east of Oman. Oman’s Maritime Security Centre said authorities responded to a distress call when the vessel was about 4.4 nautical miles off Musandam, the Omani peninsula overlooking the strait.
Omani authorities rescued 23 of the 24 crew members, provided medical care and continued searching for the missing sailor. India’s government said 11 Indian nationals were aboard, with 10 rescued and one still unaccounted for.
India’s embassy in Muscat was coordinating with Omani authorities during the search operation.
Demetra Holdings share repurchase
Demetra Holdings announced on Monday that it repurchased 5,163 of its own shares following a board meeting held on July 10, 2026.
The company completed the transactions through Cyprus Investment & Securities Corp Ltd (CISCO), in accordance with Cyprus Stock Exchange regulations and circulars issued by the Cyprus Securities and Exchange Commission.
The acquisition was made under authorisation granted at the annual general meeting on June 30, 2026. The shares were purchased at €1.545 each.
Keo investment plans in Limassol
Cypriot beverage maker Keo is awaiting final government approvals for a €50 million investment in a new distribution and spirits bottling centre in Limassol.
According to Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce and Industry (Evel), the project is among the largest private industrial developments planned for the district in recent years.
The company has been waiting for more than two years for the required planning and building permits, despite having submitted applications to the relevant authorities.