Cyprus Mail
Business

Two more “tough years” ahead for shipping, CSC official says

By Stelios Orphanides

Captain Eugen Adami, the outgoing chairman of the Cyprus Shipping Council, said that the sector would have to endure two more “tough years” as a result of low cargo fares caused by a decrease in the oil price and overcapacity.

“The sector will survive beyond any doubt, because without transportation our world will come to a standstill,” Adami, who is also managing director of Mastermind Ship Management, said in an April 2, interview. “It is true that the rates are very low but we see already a correction. We see that less ships are delivered from the shipyards from this year”.

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