Cyprus Business Now: tourism, fuel, banks, shipping, Keravnos, CIBA, Syprodat
Data from the consumer protection service showed fuel prices in Cyprus rose by between 2.6 cents and 4.7 cents per litre over the past 10 days, depending on the type of fuel.
But the sharper increase may still be ahead, as the recent spike in crude prices has yet to fully pass through to the retail market.
Oil had climbed from around $90 a barrel a week ago to above $115 on Monday, raising expectations of further increases at petrol stations across Cyprus.
Part of the pressure is coming from refinery prices, which relevant bodies in Cyprus say have risen by as much as 55 per cent over the past week. The increase has been compounded by higher charges and insurance premiums.
Speaking upon his arrival at the ECOFIN council meeting, Keravnos delivered a message of stability and normality, stressing that Cyprus remains secure even though it lies in a region affected by the conflict involving Iran.
“Cyprus geographically is located in the wider region where there are currently some hostilities due to the war with Iran,” said Keravnos.
“We have taken certain precautionary measures,” he added.
Hoteliers and tourism officials met this week to assess the impact on the sector, with labour emerging as the main concern, according to local media reports.
The discussion came as some hotel operators reconsidered plans to open units in March and early April, a period seen as important both for tour operator programmes and efforts to extend the season.
A number of hoteliers had been preparing to launch operations in time for spring demand, including both Catholic and Orthodox Easter.
Those plans are now under review as uncertainty persists.
In a detailed note signed by senior director Michalis Kronides, the association said it disagrees with amendments concerning the comparability of fees, the switching of payment accounts and access to payment accounts by very small businesses.
The association stated that it opposes proposals that seek to expand the definition of the term consumer so that it would include very small businesses, shareholders of very small businesses and self employed individuals acting within their professional activities.
It also expressed opposition to provisions that would allow the maintenance of a payment account with basic features at more than one credit institution.
In a statement, the association argued that the ongoing foreclosure crisis has once again exposed one of the deepest social and economic vulnerabilities in Cyprus.
“Recent developments surrounding the issue of foreclosures bring back to the forefront one of the most serious social and economic issues affecting Cypriot society, especially for thousands of borrowers who continue to face difficulties in repaying their loans,” the association said.
Syprodat stressed that the situation requires coordinated discussion among all relevant institutions in order to reach sustainable solutions.
The report, published on Tuesday, also showed that 96 per cent of Cyprus’ energy imports were petroleum products, the highest such rate in the EU, while the country’s overall energy import dependency ratio stood at 88 per cent.
At the same time, renewable sources dominated domestic energy production in Cyprus, accounting for almost all output and placing the island among the bloc’s highest performers, alongside Malta (100 per cent), Latvia (99 per cent) and Portugal (98 per cent).
Across the EU, 43 per cent of available energy in 2024 came from domestic production and 57 per cent from imports.
Crude oil and petroleum products made up the largest share of the bloc’s energy mix at 38 per cent, followed by natural gas at 21 per cent, renewables at 20 per cent, nuclear at 12 per cent and solid fuels at 10 per cent.
Speaking to the Cyprus News Agency (CNA), Mitas said that despite the disruption caused by the crisis in the region, Cyprus remained a safe and fully operational tourist destination.
He added that he expected conditions to stabilise in the coming weeks.
Looking ahead to 2026, Mitas said Paphos would focus on improving the quality and long-term sustainability of its tourism offering.
He said the main priorities included diversifying air connectivity, securing more stable year-round flights and further developing thematic tourism.
CIBA, which represents internationally active businesses operating from Cyprus, said “the membership is expected to open up new prospects for Cypriot companies with international activity, through closer cooperation, the exchange of know-how and participation in European initiatives aimed at supporting open and competitive markets.”
In a joint statement, CITHA president Jan Kruckemeyer and CIBA president Vasilis Demetriades said CIBA’s accession reflected a shared commitment to strengthening international trade cooperation in Europe and supporting businesses operating in global markets.
The decision, dated March 9, also ordered the immediate withdrawal of the specific clauses.
According to the service, certain terms in the bank’s mortgage agreements created a significant imbalance between the rights and obligations of the bank and those of consumers, to the detriment of borrowers.
These included clauses allowing the bank to change interest rates and the method used to calculate them without clear and objective criteria, directly affecting the overall cost of the loan.
Other problematic provisions gave the bank broad powers to offset and merge customer accounts, in some cases without prior notice, while also treating notices as received by the borrower even when they had been returned undelivered.
The report underlined the growing importance of Cyprus within Eurobank’s international strategy, highlighting the full integration of local operations and insurance activities as well as the complete takeover of Hellenic Bank during the year.
The directors presented their report together with the financial statements for the year ended December 31, 2025.
In December 2025, the merger by absorption of Eurobank Ergasias Services and Holdings S.A. by Eurobank S.A. was completed, making Eurobank S.A. the ultimate parent company of the group.
The bank and its subsidiaries operate across retail and corporate banking, asset management, private banking, treasury and capital markets, investment property and insurance services.
The Cypriot shipowner and shipping fund manager said Pelagic Credit is a yield-orientated shipowning company focused on generating stable and predictable cash flows, supported by the long-term contracted employment of maritime assets.
At the same time, it is designed to provide structured financing solutions to the maritime industry, backed by an initial capital raise of $75 million, anchored by Pelagic Partners.
The company said recent developments in the capital markets have reduced the available options for parties looking to invest in a shipowning company backed by long-term employment contracts. In turn, such companies protect investors from the broader volatility of shipping markets, while also generating consistent quarterly dividends.
Specifically, the Paphos regional tourism board (Etap) is taking part in a series of professional workshops and presentations in Katowice and Warsaw from March 10 to 12, as part of its 2026 action plan.
According to an announcement, the initiative is being carried out in cooperation with the deputy ministry of tourism and is aimed at strengthening ties with tour operators and other commercial partners, while further promoting Paphos in the Polish market.
Poland is now seen as a high-priority market for both Cyprus and Paphos, with visitor numbers rising sharply in recent years, helped in large part by stronger air links and, in particular, Ryanair flights to Paphos airport.
According to an announcement released on Tuesday, Ioannis Georgoulas, president of ACEMPI, which operates under the umbrella of the Cyprus Chamber of Commerce and Industry (Keve), took part in the discussion as part of the event marking the institute’s formal commencement of operations.
Georgoulas also serves as a non executive director of ECOMMBX Ltd, the announcement added.
The company said that the technology upgrade of its computerised system has been finalised, marking the completion of the migration to Amplitude V11.
The event took place at the Columbia Plaza Venue Centre, with secretary general Antria Dionysiou guiding attendees through the evening.
In his opening remarks, president Andreas Christoforou thanked guests, representatives of fellow organisations and YoungShip members for their continued backing, guidance and mentorship.
He described such support as “invaluable as we navigate the uncharted waters of our careers and strive to make our mark on the world.”