Cyprus Financial Crisis: Effect on Shipping Interests

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.

Source: Tax-News