Cyprus Business Now

The European Maritime Day in Cyprus commenced with a grand opening ceremony held at Larnaca’s Medieval Castle on Thursday, according to an announcement released yesterday.

The event, organised by the Cyprus Marine and Maritime Institute (CMMI) with the support of the Deputy Ministry of Shipping and the European Commission, marked an important occasion highlighting the significance of the sea and its connection to Larnaca and the island overall.

During the ceremony, various notable figures expressed their thoughts and emphasised the importance of the sea in their speeches.

Larnaca mayor Andreas Vyras stressed the emotional bond with the sea and the need to engage citizens, especially young people, in understanding its value and role, given that the sea is an integral part of Cyprus’ identity.

Moreover, Marina Solomidou-Ieronymidou, Director of the Department of Antiquities, highlighted the historical significance of Larnaca’s connection with the sea.

In addition, she emphasised the city’s potential to become a hub for development and innovation in maritime activities, drawing inspiration from the ancient city of Kiti.

To promote the importance of maritime activities in the economy, state, and culture, the Department of Antiquities announced the establishment of the Centre for Maritime Archeology and Research in collaboration with the Municipality of Larnaca.

In a statement read by Costas Costaras, Deputy Minister of Shipping Marina Hadjimanoli underlined the importance of shipping, the benefits of the blue economy, and the future prospects in this field.

The minister also mentioned that Cyprus is in the process of adopting its first National Marine Spatial Plan, aimed at sustainable utilisation and development of marine waters.

The plan aims to create new opportunities for the blue economy while ensuring the protection of the marine and coastal environment, as well as safeguarding cultural heritage.

According to a report released by the Cyprus Statistical Service (Cystat) on Friday, the transport and storage turnover index experienced a sharp increase of 29.1 per cent in the first quarter of 2023.

Air transport stood out as the primary driver of growth within the sector, with an astonishing 387.9 per cent increase in comparison to the same quarter of the previous year.

This substantial surge indicates a surge in air travel demand or other factors favouring the air transport industry, boosted by the ongoing recovery of the aviation industry following the lifting of various pandemic-related travel restrictions.

Specifically, the turnover index in the transport and storage sector reached 126.7 points in the first quarter of 2023, based on a 2015 index of 100.

Breaking down the data by economic activity, significant year-on-year increases were observed in various sectors.

Air transport saw the highest growth at 387.9 per cent, followed by land transport at 22.7 per cent, water transport at 19.4 per cent, storage and transport support activities at 18.6 per cent, and postal and courier activities at 12.1 per cent.

The Cyprus Stock Exchange (CSE) ended Friday, May 19 with losses.

The general Cyprus Stock Market Index was at 107.90 points at 12:34 during the day, reflecting a decrease of 1.38 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 65.27 points, representing a drop of 1.38 per cent.

The total value of transactions came up to €98,202.

In terms of the sub-indexes, the alternative and hotel indexes rose by 0.06 per cent and 0.88 per cent respectively.

The main index fell by 1.71 per cent while the investment firm index decreased by 0.94 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-3.47 per cent), Demetra Holdings (-0.99 per cent), Hellenic Bank (-1.11 per cent), the Cyprus Cement Company (no change), and Leptos (+9.26 per cent).