"The recent events pertaining to the crisis in the Gulf of Aden and the Suez Canal have brought about losses for the Cypriot Republic, approximately to the tune of 20%," stated Dr. Antonis St. Stylianou, President of the Cyprus Ports Authority.

Dr. Stylianou was speaking at a press conference on Thursday at the Old Port of Limassol, where he presented the work accomplished by the outgoing Administrative Board of the Authority.

As Mr. Stylianou explained, "the recent events concerning the crisis in the Gulf of Aden and the Suez Canal have resulted in losses for the Cypriot Republic, approximately around 20%, whether it relates to the metric tons of container freight, known as TEUs, which are roughly around 18%, or to the general cargo, where we have seen a decrease of about 17%."

"In the broader sector of commercial shipping movement, there has been a decrease of about 22%, which is essentially a consequence of the Houthi crisis with the piratical actions currently taking place in the wider area of the Suez Canal," he concluded.