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”.