Is ready for growth

Financial Mirror (Cyprus) - - FRONT PAGE -

As far as ship fi­nanc­ing is con­cerned, as I said be­fore, we have to be re­al­is­tic. It is not our aim to fi­nance new-builds, but most likely smaller, sec­ond hand ves­sels. How and when we launch this ser­vice does in­deed de­pend on the state of the global ship­ping in­dus­try.

A glut of new-builds, com­bined with a global re­ces­sion has led to sig­nif­i­cant over­sup­ply and as a re­sult char­ter rates have plum­meted. But ves­sels have an ex­piry date and the trends in­di­cate there comes a point when de­mand does meet sup­ply and then char­ter rates should cor­rect up­wards. When this will hap­pen ex­actly is dif­fi­cult to fore­tell so we have to be pru­dent, but we do want to par­tic­i­pate and con­trib­ute to that

re­cov­ery.

As I said be­fore, we should only re­ally do this when we are ready and we are not quite ready, so I have no ma­jor deals in the pipe­line.

Hel­lenic Bank is a Cypriot bank and we have more than enough on our plate at the mo­ment to keep us busy here. In fact, an over­seas ex­pan­sion could dis­tract us from the job at hand.

There­fore, I fore­see for the medium term that we will re­main Cyprus-cen­tric. For the long term? I don’t know but we’ll cross that bridge when we get there. In the mean­time, I have not looked at any non-Cyprus op­por­tu­ni­ties.

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