The Cyprus Shipping Chamber (CSC) renewed its call for the approval of a €2 billion state guarantee scheme that would assist shipping companies weather the storm cause by the coronavirus outbreak.
 
CSC President Philippos Philis said that support to shipping companies hit by the Covid-19 pandemic is an “even more pressing issue” following the partial easing of containment measures. Cyprus shipping contributes approximately 7% of the island’s GDP. The government approved a bill allowing for state guarantees since March but has not been put into force pending Parliament approval.

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“We strongly appeal once again, to the Political leadership to urgently approve the Government`s Bill, which has been pending in Parliament for the past few weeks and provides state guarantees for the provision of financial liquidity to companies as well as waiving financial covenants related to loans,” Philis said in a statement.
 
“Due to the immense impact that Shipping has suffered internationally from the pandemic and the consequent freight rates reduction, these financial provisions are now extremely urgent and necessary, so that Shipping companies in Cyprus can meet their immediate working capital needs and remain operational,” he added.
 
Moreover, Philis welcomed the recent decision of the Cyprus Government to allow crew changes on merchant ships.
 
“It is now necessary, to find functional ways of implementing the above decision which will enable shipping to resume proper operations, as well as to restart the flight connectivity of Cyprus the earliest possible, always having as top priority the safety of public health,” he said.