Cyprus Financial Crisis: Effect on Shipping Interests
Monday, April 01, 2013, 4:28 AM
Cypriot Transport Minister, Tasos Mitsopoulos, states the nation's shipping registry will not be affected by turmoil in banking sector.
The Minister downplayed the impact of Cyprus's banking crisis on the local shipping industry, pointing out that none of the island's banks are active in ship financing, reports Tax-News.
Despite Mitsopoulos's assurances, many shipping companies' bank deposits in Cyprus are expected to be heavily impacted by the banking sector developments, and could see losses topping 40% on amounts over EUR100,000, alongside the imposition of capital controls, which may restrict the companies' business activities.
Note:Because of seypec's Financial Interest In Cyprus it stands to lose 40% as well.
Victoria Navigation (Cyprus) founded in 2008 to manage Seychelles tanker fleet.