The Shipping Chamber of Cyprus commented on the recent statisticians’ comments on the marked decline in industry revenues due to the COVID-19 pandemic, noting that despite this, the sector’s contribution to the Cyprus economy has remained virtually unchanged.

Industry experts emphasize that in the first half of 2020, despite all the pandemics, the industry has contributed 484 million euros to the country’s GDP – that is 4.8 percent.

At the international level, the passenger ship segment is the sector most affected by the pandemic, while the merchant ship segment (containers, dry-cargo ships, tankers, including for liquefied gas transportation) was less sensitive.

Although Cypriot shipping is facing problems, a full recovery is expected once international restrictions are lifted and the industry can operate without disruptions.