Cyprus business roundup: Shipping outreach, maritime risks and football investment
Cyprus sought shipping business in China as maritime attacks raised industry concerns, while Krasava ENY Ypsonas chairman Yevgeny Savin took an entrepreneurial approach to building a club.
Shanghai, China. Cyprus stepped up efforts to attract shipping business through meetings in China, with its national vessel register reaching a 25-year high. The outreach, mounting maritime security risks and an entrepreneurial approach to football featured among the country’s leading business stories for the week beginning October 19.
Shipping minister seeks business in China
Shipping Deputy Minister Marina Hadjimanolis held talks in Shanghai after meeting shipowners, shipyards and government representatives in Japan.
Ahead of major international maritime events scheduled for this week, she met Wang Qian, vice-director of the Shanghai Pudong New Area Commission of Commerce and Shipping Service Office. Their talks centred on the forthcoming North Bund International Shipping Forum and how it could help deepen collaboration between governments and the international shipping sector.
In separate discussions with representatives from Dalian Trawind Shipping and Fortuna Shipbrokers Inc., Hadjimanolis outlined the Cyprus flag’s competitive strengths and explored registration opportunities for shipowners.
Attacks increase pressure on shipping
Intensifying attacks in the Strait of Hormuz and the Black Sea have sunk commercial vessels and left seafarers dead or missing, heightening concerns for Cyprus’ shipping sector about crew protection, insurance expenses and interruptions to trade.
Figures from the International Maritime Organisation (IMO), updated on October 14, showed 113 confirmed incidents at sea in the broader Hormuz area since the Middle East conflict started on February 28. The organisation recorded 24 seafarer deaths.
Meanwhile, drone strikes in the Black Sea have been approaching the coastlines of NATO members Bulgaria and Romania, putting commercial routes carrying grain, oil and other commodities at risk.
The two security crises have increased concerns about vessel operations, seafarer safety and international trading costs for Cyprus, which maintains a major global ship registry and accommodates a substantial network of ship management businesses.
Entrepreneurial approach to club building
Krasava ENY Ypsonas chairman Yevgeny Savin is applying an entrepreneur’s mindset to the long-term task of establishing a football club from the ground up.
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