Josephides: Along with tariffs, proposed US port fees on Chinese-operated and-built vessels are an additional concern

“The Shipping industry is naturally concerned about the broader implications of the new US tariffs, particularly regarding their potential impact on the overall stability of the global economy,” the Cyprus Shipping Chamber's Director-General Alexandros Josephides has told CBN.

Having been asked to comment on the new tariffs and their impact, Josephides continued, “Unilateral actions of this nature risk undermining market competitiveness, disrupting trade flows and ultimately increasing costs for consumers around the world.”

He noted that while, at present, tariffs have undoubtedly created a sense of uncertainty in the market, it is, however, “still too early to fully assess the consequences, especially as re-negotiations and diplomatic discussions continue between the involved parties.”

Josephides also noted that the Shipping industry currently also faces another challenge. This, he explained is, “related to the U.S. Trade Representative Section 301 Committee investigation into China’s maritime logistics and shipbuilding and proposed remedies /fees on Chinese-operated and Chinese-built vessels calling at US ports.”

“We believe that the yet to be announced USTR301 remedies could have a more profound and lasting impact on international Shipping,” Josephides elaborated, going on to note, “Whatever the final outcome, the effects will inevitably be felt worldwide, including in Cyprus. Such measures may not only introduce new operational complexities but could also accelerate a shift in shipbuilding and procurement strategies worldwide. The possibility of adjustments or exemptions remains on the table, which could alter the landscape significantly.”

“That said,” the Cyprus Shipping Chamber's Director-General went on to underline, “Shipping has continually demonstrated its resilience in the face of external shocks and policy shifts. It will remain a cornerstone of global economic stability, ensuring the steady movement of essential goods across borders.”

“In this evolving environment, Cyprus with its strategic location and high-quality flag and maritime standards may find new roles to play in maintaining supply chain continuity and supporting restructured trade flows. Whatever the case is, the Cyprus Shipping Chamber remains committed to working collaboratively with our government and through its active involvement in Shipping Organisations worldwide to uphold a safe and efficient global trade flow, aiming for positive outcomes for Cyprus, its Shipping business community and global trade at large,” Josephides concluded.