The impact of the coronavirus pandemic outbreak will be unavoidable Deputy Minister of Shipping Natasa Pilides has said, expressing hope that industry will bounce back as it will continue serving global trade.
“I believe the impact will be unavoidable both on the Cypriot economy and on Cyprus shipping through the financial results of the shipping companies which unfortunately will be affected,” Pilides said speaking to CNA.
The shipping and ship management industry in Cyprus is estimated to generate around 7% of the island’s GDP.
Noting that shipping will continue operating, the Deputy Minister added “we hope that we will overcome the crisis and we will recover.”
However, Pilides cautioned that “we cannot know the extent of the impact as we cannot forecast how long the crisis will last.”
She said that so far there have been no isolation of Cypriot flagged ships but some delays in deliveries and in crew changes due to the measures to prevent the spread of coronavirus.
“Shipments of goods are continuing,” Pilides said, noting that the Deputy Ministry has suspended physical controls as part of port state control, as part of preventive measures against the spread of the disease but also in a bid to facilitate shipping.
Furthermore, Pilides pointed out that the shipping industry was one of the first sectors affected since the coronavirus outbreak as world trade is taking place mainly with countries of Asia.
“Ships could not approach ports, ships from various destinations could not be accepted, seafarers were quarantined, crew changes could not be carried out and ship deliveries could not be made as shipyards suspended operations,” she pointed out.
Moreover, she said that the cruise sector will be affected the most and will bear the most long-term impact compared with commercial shipping.