Hellenic Bank promises to help the Cypriot maritime industry

Hellenic Bank issued a statement on Thursday emphasising its support for the shipping industry and its personnel, which is shown in its sponsorship of this year's Marine Money Cyprus Forum, which was held for the fifth year in a row.

The symposium delivered upbeat signals about the future of global and Cypriot shipping amid an uncertain global economy, while also highlighting the sector's issues, risks, and prospects.

In response to the conference, Hellenic Bank's CEO, Oliver Gatzke, stated the bank's commitment to the shipping industry, which it has prioritised for decades, by helping domestic and international enterprises in the sector and appreciating the sector's critical role in the country's economy.

The bank stated that it can address the demands of maritime firms by providing a comprehensive variety of integrated financial services. In addition to the Limassol dedicated shipping centre, the bank stated that it has "operated its shipping financing unit for the last six years, which manages an excellent loan portfolio."

Gatzke stated that the shipping sector is continually changing and confronted with serious concerns such as the need to address environmental, social, and governance (ESG) issues.

“The industry is under intense pressure to reduce its environmental footprint, adopt sustainable practices and improve the well-being of stakeholders. At the same time, it must maintain high standards of corporate governance and comply with complex regulations. As a bank, we are committed to supporting our customers in their efforts to adopt more sustainable practices,” Gatzke said.

“We believe that ESG criteria are a necessary condition for the long-term success and sustainability of a business. We are confident that the shipping industry will rise to this challenge as well, as it is highly regulated and accustomed to challenges,” he added.

Dimitris Tzavaras, Hellenic Bank's head of shipping, presented his own advice on the financing choices accessible to Cypriot owners and investors while participating in a panel discussion.

Furthermore, the Hellenic Bank's Chief Economist, Constantinos Vrahimis, noted that the world economy is gradually recovering from the substantial negative effects of the flu epidemic and the Ukraine war.

“This recovery differs between the main economies. European economies are expected to recover after the negative economic climate over the winter and the American economy will enter a small recession in the first half of the year recovering in the second half of the year,” he said.

“Disruptions in the supply chain are gradually receding and turbulence in the energy market and the food market are decreasing. This will result in improved conditions in global trade, which is expected to increase by 1.7 per cent in 2023 compared to 2022, further assisting in the recovery of the global shipping industry,” Vrahimis concluded.

By fLEXI tEAM