Hellenic Bank sponsors the 5th Marine Money Cyprus Forum
Hellenic Bank stands by the people of the shipping industry by supporting the Marine Money Cyprus Forum, which was organized for the 5th consecutive year. At the conference, optimistic messages were heard about the course of global and Cypriot shipping, in a period of uncertainty for the economy at an international level, while the challenges, risks and opportunities of the sector were discussed.
Welcoming the work of the conference, the Chief Executive Officer of Hellenic Bank, Oliver Gatzke, stated that for decades Hellenic Bank has placed shipping among its priorities, supporting domestic and international businesses in the sector and recognizing its vital role for the country's economy. With a wide range of integrated financial services, the Bank can and does cover the needs of shipping companies. In addition to the specialized Shipping Center in Limassol, for the last six years it has been operating the Shipping Financing Unit, which manages an excellent loan portfolio.
As he pointed out, the shipping industry is constantly changing, with one of the most pressing challenges being the need to address environmental, social and governance (ESG) issues. “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. 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.
For his part, the head of Hellenic Bank's Shipping department, Dimitris Tsavaras, participating in a panel discussion, gave his own recommendations on the financing options available to Cypriot owners and investors.
Furthermore, the Chief Economist of the Hellenic Bank, Constantinos Brahimis stated that the global economy continues its gradual recovery after the strong negative effects caused by the health pandemic and the Russia/Ukraine conflict. “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. 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% in 2023 compared to 2022, supporting the further recovery of the global shipping industry.”