NewsLocalCyprus' shipping supply chain not significantly affected by war in Ukraine

Cyprus’ shipping supply chain not significantly affected by war in Ukraine

Deputy Minister of Shipping Vassilis Demetriades on Friday said Cyprus’ supply chain will not be significantly affected by the war in Ukraine and that for the time being the situation is manageable.

In statements in Paphos, Demetriades also said the problems in the supply chain, which existed since the time of the pandemic, have worsened cumulatively due to the war,.

And that prices have risen due to the increase in tanker freight rates, “so inevitably some prices and some costs will be passed on to consumers”.

Asked about the increases in various products and whether they are proportional to the increase in freight rates, the Deputy Minister of Shipping replied in the affirmative, noting that there is a big increase in tanker fares.

He also pointed out that it is only natural that these costs are passed on to the final product, but said that the authorities are monitoring the situation on a daily basis.

The Deputy Minister said that “we are waiting to see the scope and form of sanctions that the EU and the international community will take” because, he added, “the impact on Cyprus will depend on the formulation of the sanctions”.

He also said that maritime transport sanctions are manageable at the moment, stressing that the shipping industry is not affected to a great extent.

He added that “we have formulated a strategy to make our shipping industry resilient to crises”, noting that “this is why we are turning to other markets to attract companies and ships to Cyprus”.

He also announced that since yesterday, a public consultation on the maritime spatial planning of Cyprus is underway and that an open meeting is being organised on April 14 for this purpose in Paphos. (CNA)

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