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Cyprus shipping companies lose business as banks stay closed

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Cyprus shipping companies lose business as banks stay closed


Businesses are feeling the strain with the closure of banks in Cyprus now in its second week.

The island’s shipping industry contributes around five percent to GDP, or roughly 800 million euros, and is among the top five countries in the world when it comes to the number of ship management companies.

Business Manager of Elysion Ship Management Evgeny Gaponenko described the difficulties:

“We cannot say to the vessels stop in the middle of the ocean and let’s wait to see what happens.

“So for us, it’s not just the problem of the losing some money.

“I mean, part of the government or the European community would like to solve the crisis in Cyprus. For us, it is a problem of (running) day-to- day business.”

Not having access to cash is preventing some shipping companies from fulfilling their orders, causing them to lose vital business in these tough economic times.

Banks on the Mediterranean island are due to reopen on Thursday.

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