Hellenic sponsors fifth Marine Money Cyprus Forum

Hellenic Bank organised this year’s Marine Money Cyprus Forum, demonstrating its steadfast support to the shipping industry. Held for the fifth consecutive year, the forum delivered optimism about the trajectory of global and Cypriot shipping amid a period of economic uncertainty. Also discussed at the forum were the challenges, risks and opportunities in the shipping sector.

In his own address, Hellenic CEO Oliver Gatzke noted that for decades the Bank has made shipping one of its priorities, by supporting local and multinational businesses and recognising the sector’s vital role in the Cypriot economy.

Drawing on a wide spectrum of integrated financial services, Hellenic can – and does – cover the needs of shipping companies, he pointed out. Other than the specialised Shipping Business Centre in Limassol, over the past six years the Bank has operated the Shipping Financing Unit handling an excellent loan portfolio.

As CEO Gatzke stressed, the shipping industry is undergoing constant changes – one of the toughest challenges being the need to tackle issues relating to Environment, Society and Governance (ESG).

“The industry,” he said, “is under intense pressure to cut its environmental footprint, to adopt sustainable practices, and improve stakeholder prosperity. At the same time, the industry must keep high corporate standards and comply with complex regulations.

“As a bank, we pledge to support our clients as they strive to adopt more sustainable practices,” he continued. “We believe that ESG criteria constitute a necessary precondition for the long-term success of a business. And we are certain that the shipping industry, which is subject to strict regulations, will be able to meet this challenge as well.”

Speaking at a panel discussion, head of Hellenic’s Shipping Unit Demetris Tzavaras gave his own suggestions about the financing options available to Cypriot shipowners and investors.

Constantinos Vrahimis, lead economist at Hellenic, said that the global economy continues slowly to rebound after the severe fallout from the coronavirus pandemic and the Russia-Ukraine conflict.

“This rebound differs from one major economy to the next,” he pointed out. “European economies are expected to recover once the adverse economic climate passes, whereas the United States will experience a minor recession during the first half of the year, recovering in the second half. Disruptions to the supply chain are gradually tapering, while turmoil in the energy market and food markets is abating.

“This,” Mr Vrahimis added, “will result in improving conditions in global trade, which is projected to grow by 1.7 per cent compared to 2022, playing a part in the further rebound of the global shipping industry.”