Cyprus business: Packaging takeover, dual-fuel ship delivery and EU energy warning

Nicosia, Cyprus. Lordos United Public Ltd has taken control of P&S Carton Industries Ltd through a €8.16 million transaction, while Safe Bulkers has received the Cyprus register’s first methanol dual-fuel bulk carrier. Separately, energy systems specialist Andreas Poullikkas has warned that the European Union’s response to expensive energy falls short of what households, industry and the broader economy need.

Lordos United secures majority ownership

In an announcement on Thursday, Lordos United said it had completed the purchase of 35,700 P&S Carton shares, giving it a 51 per cent holding in the Cypriot cardboard packaging manufacturer.

Related: Cyprus central bank chief warns lasting energy shock fuels inflation as ECB holds rates

RelatedCyprus central bank chief warns lasting energy shock fuels inflation as ECB holds rates

The acquisition followed a share purchase agreement dated July 10, 2026, and clearance from the Commission for the Protection of Competition. The regulator found the concentration consistent with competitive conditions in the market.

P&S Carton is now a Lordos United subsidiary. Together, the sellers continue to hold the remaining 49 per cent.

Safe Bulkers receives Kypros Island

Safe Bulkers has accepted delivery of Kypros Island following a naming ceremony conducted by Shipping Deputy Minister Marina Hadjimanolis at a Chinese shipyard.

The 81,200-deadweight-tonne Kamsarmax was constructed at the Zhoushan yard of Japan’s Tsuneishi Shipbuilding. It is the first methanol dual-fuel bulk carrier both in the company’s fleet and on the Cyprus register.

Designed for standard dry bulk commodities, including coal, grain and iron ore, the vessel can use methanol as well as conventional marine fuel.

The delivery establishes an initial Cyprus presence in this developing segment of dry bulk shipping, where alternative-fuel ships are still much less widespread than in the container sector. It also brings a substantial Safe Bulkers investment in cleaner vessel technology into operation.

Poullikkas calls for long-term energy investment

Writing following the October 15-16 EU summit, Poullikkas said European leaders had rightly recognised the risks that high energy costs pose to households, industry and the wider economy, but had not proposed an adequate response.

“The diagnosis is correct, but the treatment remains largely inadequate,” he said of the summit conclusions.

Poullikkas, a former chairman of the Cyprus Energy Regulatory Authority (CERA) and vice-rector of Frederick University, argued that Europe should prioritise structural investment in power grids, cross-border interconnections and energy storage instead of continuing to depend on temporary assistance.