Cyprus Business Now

Total petroleum product sales in Cyprus reached 122,581 metric tons in May 2023, marking a 1.4 per cent increase compared to May 2022, according to a report released this week by the Cyprus Statistical Service (Cystat).

According to the report, there was an increase in aviation fuel supplies by 9.1 per cent and sales of heavy fuel oil by 328.8 per cent.

Sales of kerosene rose by 58 per cent, asphalt by 40.4 per cent, liquefied petroleum gas by 9.5 per cent, automotive diesel by 5.8 per cent, and gasoline by 4 per cent.

On the other hand, there was a decrease of 12.7 per cent in ship fuel supplies and a decrease of 27.1 per cent in sales of light fuel oil and heating oil by 0.9 per cent.

Regarding sales from petroleum stations, these experienced a 4.3 per cent increase, totalling 56,144 metric tons.

What is more, the report noted that total petroleum product sales in May 2023, compared to April 2023, saw a significant increase of 16.2 per cent.

Notably, there was an 82.1 per cent increase in ship fuel supplies and a 15.1 per cent increase in aviation fuel supplies.

Moreover, sales of automotive diesel rose by 16.5 per cent and gasoline by 12.8 per cent.

Total petroleum product stocks at the end of May 2023 decreased by 6.8 per cent compared to the end of the previous month.

Finally, during the period from January to May 2023, total petroleum product sales recorded a 3.8 per cent decrease compared to the same period of the previous year.

The captivating lives of seafarers, who play a vital role in transporting essential goods worldwide, are highlighted in a short film created by the International Maritime Chamber as part of the career campaign launched in celebration of Seafarers’ Day on June 25.

According to a statement by the Cyprus Shipping Chamber, the film, which is titled “An Adventurous Spirit”, aims to inform young people about the prospects in the maritime profession and encourages them to consider a career at sea, openly discussing the benefits, challenges, and importance of seafarers.

“The film presents the intriguing lives of seafarers, who, through their work, play a crucial role in the transportation of all necessary commodities, including food, fuel, and other consumer goods worldwide, with the hope of inspiring more individuals to join the industry,” the statement explained.

Moreover, according to the statement, education and awareness have always been priorities for the Cyprus Shipping Chamber, which has acknowledged from the outset that investing in human resources is key to maintaining a thriving shipping industry.

“Therefore, in addition to the efforts of the global maritime industry to inform the public about the maritime profession, at the local level, the chamber has successfully carried out various educational activities for the past twenty years, providing information to the public and particularly to young people in Cyprus about the employment opportunities within the broader field of shipping, including careers at sea,” the statement concluded.

Seafarers’ Day is celebrated annually on June 25 to honour the invaluable contributions of seafarers and raise awareness about the maritime industry’s importance in global trade and commerce.

The Cyprus Stock Exchange (CSE) ended Tuesday, June 27 with losses.

The general Cyprus Stock Market Index was at 117.79 points at 13:10 during the day, reflecting a decrease of 0.11 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 71.26 points, representing a drop of 0.13 per cent.

The total value of transactions came up to €194,141.

In terms of the sub-indexes, the main, alternative, investment firm indexes fell by 0.2 per cent, 0.09 per cent and 0.49 per cent respectively, while the hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.33 per cent), Hellenic Bank (+0.52 per cent), Blue Island (+4.37 per cent), Logicom (no change), and Demetra Holdings (-0.92 per cent).