Cypriot Ships Stranded in Persian Gulf Amidst Iranian Threats

Nineteen ships flying the Cypriot flag have been stranded in the Persian Gulf and the Gulf of Oman due to Iranian threats in the Strait of Hormuz. According to the Director General of the Cyprus Union of Shipowners (CUS), Alexandros Iosifidis, the ships are safe.

Mr. Iosifidis stated that the CUS manages ships regardless of flag and that several of its members have ships trapped in the area, including large cruise ships with numerous crews and passengers.

So far, no losses or damages have been reported to ships or crews associated with the Cypriot shipping industry. Companies are managing the situation and trying to repatriate passengers and crews, with one company already repatriating a Cypriot trainee.

The International Maritime Organization estimates that approximately 35,000 sailors and passengers are stranded in the region. Insurance companies have canceled war risk coverage, increasing costs for shipping companies. In addition, the stranding of ships creates administrative and commercial challenges.

Mr. Iosifidis estimated that the Cypriot economy will not be significantly affected, as trade relations with the region are limited. However, international uncertainty may lead to increases in freight rates in general. No significant impact is expected on the contribution of the shipping industry to Cyprus' GDP.