Cyprus shipping company Safe Bulkers has officially commenced trading on the Main Market of Euronext Athens, marking a significant step in integrating Greek shipping with European capital markets.
- Cyprus shipping company Safe Bulkers has officially commenced trading on the Main Market of Euronext Athens, marking a significant step in integrating Greek shipping with European capital markets.
Cyprus shipping: Launch of Trading on Euronext Athens
Safe Bulkers, which has been listed on the New York Stock Exchange since 2008, began trading in Athens under the symbol SB. The initial trading price was set at €5.70. This move is seen as a strategic effort to bolster connections between Greek shipping enterprises and broader European financial systems.
Event Attendance Highlights Cyprus’ Role
The opening ceremony attracted notable figures including Deputy Shipping Minister Marina Hadjimanolis and Cyprus’ ambassador to Greece, Stavros Avgoustides, among others. Hadjimanolis expressed gratitude to Safe Bulkers’ founder and CEO, Polys Hadjioannou, for his unwavering commitment to the Cypriot shipping industry. She remarked that through Safe Bulkers, “the heart of Cyprus from today beats strongly on the Athens Stock Exchange.”
Global Focus on Greek Shipping
The significance of Greek shipping was underscored at the recent Posidonia 2026 exhibition in Athens, where Nasdaq celebrated the event with a digital display on the Nasdaq Tower in New York. The message, which read, “NASDAQ Welcomes Posidonia 2026 & Wishes All Participants Good Success!” highlighted the international prominence of Greek shipping companies and their longstanding engagement in global capital markets. This display coincided with rising geopolitical tensions and debates surrounding the maritime sector’s green transition.
Impact of Geopolitical Tensions on Tourism
In a related economic context, Cyprus’ tourism revenue has faced a significant decline, dropping by 33.8% year-on-year in March 2026 to €85.6 million, as reported by the Cyprus Statistical Service (Cystat). This downturn is attributed to escalating geopolitical tensions in the Middle East, with total tourism revenue for the first quarter of 2026 estimated at €245.5 million, a decrease from €278.3 million in the same period of 2025.
Dependence on Foreign Tourism
Cyprus continues to be one of the European Union’s most foreign-dependent tourism markets. Data from Eurostat indicates that overseas visitors accounted for 85.6% of all tourist overnight stays in the first quarter of 2026, positioning Cyprus second in the EU, just behind Malta. This reliance on foreign tourism starkly contrasts with larger EU markets like Germany and Poland, where domestic tourism dominates.
Positive Changes in Travel Advisory Status
In a positive development for Cyprus’ image as a travel destination, the US State Department has updated its travel advisory, placing the island at Level 1, which recommends normal precautions. This change reflects Cyprus’ status as a generally safe destination, although it still advises caution in specific areas. The Ministry of Foreign Affairs welcomed this update as a boost for Cyprus’ tourism sector.
British Travel Advisory Alleviates Concerns
Similarly, the British Foreign Office has revised its travel guidance for Cyprus, removing earlier emergency references to regional tensions that had previously unsettled British tourists. The updated advice no longer warns of potential travel problems related to regional unrest, which is expected to reassure travellers from the UK.
Consumer Prices and Retail Trends
As the tourism sector grapples with these challenges, the Cyprus Consumers Association has reported fluctuations in consumer goods prices. In the second half of May, prices rose across 165 products, with the most significant increases seen in categories such as sauces, eggs, and personal hygiene items. Notably, the price of mayonnaise surged by 9.8%, and a pack of 12 eggs rose by 7.4%.
Retail Trade Sees Growth
Despite the challenges in tourism, retail trade in Cyprus has shown resilience. In April 2026, the Turnover Value Index of Retail Trade, excluding motor vehicles, rose by 5.8% year-on-year, indicating a positive trend. Over the January to April 2026 period, the value index increased by 6.4%, reinforcing the sector’s growth trajectory.
Economic Growth Indicators
Cyprus’ economy has also demonstrated robust growth, expanding by 3% year-on-year in the first quarter of 2026. This growth has been driven by household spending, exports, and activity in key services sectors, as per preliminary data from Cystat. The information and communication sector recorded the strongest annual growth at 5.4%.
Calls for a Long-Term Energy Strategy
Amidst these economic developments, Professor Andreas Poullikkas has urged for a coherent long-term national energy strategy in Cyprus. He emphasised the need for the new House of Representatives to move beyond mere pre-election slogans and adopt a professional, evidence-based approach to energy policy. This call for strategic direction highlights the importance of sustainable development in the energy sector for Cyprus’ future.
