Bank of Cyprus Receives Notable Ratings Upgrade By Fitch

by News Editor

March 18, 2025

In a remarkable financial development, Fitch Ratings has elevated the ratings of the Bank of Cyprus Public Company Limited (BoC) from ‘BB+’ to ‘BBB-‘, indicating a strong positive outlook. This upgrade underscores the bank’s enhanced asset quality and robust capitalization.

The rating improvement is largely attributed to the bank’s strategic reduction in problematic legacy assets, such as non-performing exposures (NPEs) and net foreclosed properties. This has enabled a healthier capital structure with reduced encumbrance by unresolved problem assets.

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Fitch notes that despite lowering interest rates, BoC’s profitability remains solid thanks to its competence as the largest domestic bank in Cyprus. With consistent deleveraging, it is poised for ongoing financial stability.

Prospective Economic Growth For Cypriot Banks

The favorable outlook anticipates better business and financial prospects amidst Cyprus’s economic growth, with decreasing unemployment and lower private sector debt. BoC’s plans to expand into wealth management and insurance activities stand to gain from these economic trends.

Expectations are that the ratio of BoC’s problem assets will drop below 5% within two years, thanks to diminishing NPE portfolios and active disposals of foreclosed assets. Last year, the bank’s operating profit/risk-weighted assets (RWA) ratio was a robust 5.4%, indicating a sustainable path forward.

Financial Strength And Stability

By the end of 2024, BoC boasted a common equity Tier 1 (CET1) ratio of 19.2%, with a notable buffer over regulatory demands. The bank’s CET1 encumbrance by problem assets fell significantly owing to further disposals.

Supported by a strong Cypriot deposit base, BoC maintains excellent liquidity. Looking ahead, while a downgrade is improbable, Fitch warns that any economic downturn in Cyprus could impact ratings. However, further elevation of the operating environment for Cypriot banks could enhance BoC’s business profile.

If you’re curious about technological advancements in Cyprus, read AI At Work: Cyprus Among Europe’s Most AI-Skeptical Nations.

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Europe’s Busiest Ports Show The Scale Of Maritime Trade

by THEFUTURE.TEAM

September 7, 2026

Maritime transport carried roughly 13 billion tonnes of goods worldwide in 2024, highlighting its central role in global trade and supply chains. EU ports handled about 3.4 billion tonnes, or 26% of the global total, while nearly 90% of the bloc’s external freight trade is carried by sea.

Rotterdam And Antwerp-Bruges Lead The EU

Rotterdam was the EU’s busiest port in 2024, handling 397.3 million tonnes of goods. Antwerp-Bruges ranked second with 243.7 million tonnes, putting the two northern European hubs well ahead of the rest.

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Hamburg ranked third at 97 million tonnes, followed by Spain’s Algeciras at 81.5 million tonnes and Amsterdam at 78.8 million tonnes. France’s HAROPA port complex, covering Le Havre and Rouen, handled 76.6 million tonnes, while Gdansk recorded 71 million tonnes.

Marseille and Valencia followed with 66 million and 64.5 million tonnes, respectively. Romania’s Constanta completed the top 10 at 57.6 million tonnes, reflecting the Black Sea’s role in Europe’s wider trade network.

Europe’s Second Tier Of Major Ports

Several ports handled between 40 million and 56 million tonnes in 2024. Barcelona recorded 55.5 million tonnes, followed by Trieste at 53.5 million, Genoa at 47.4 million and Sines at 44.1 million.

Piraeus handled 43.7 million tonnes, while Germany’s Bremerhaven recorded 42.5 million. Sweden’s Göteborg handled 38.5 million tonnes and Dunkerque in France 36.8 million.

Netherlands Leads By National Port Volume

Looking at total cargo across each country’s ports, the Netherlands ranked first with 538.1 million tonnes in 2024. Italy followed with 488.6 million tonnes and Spain with 486 million tonnes, putting all three well ahead of the rest of the EU.

Belgium ranked fourth at 274.9 million tonnes, followed by Germany at 273.9 million and France at 269.8 million. Greece, Sweden and Poland each handled more than 100 million tonnes, showing the breadth of Europe’s maritime network.

Turkey Expands The Regional Picture

Including EU candidate countries and EFTA members puts Turkey in second place with 524.7 million tonnes, behind the Netherlands. Norway ranked eighth with 212.1 million tonnes and handled 212.1 million tonnes.

The European Commission has described maritime transport as a long-standing driver of European economic development. Its role now extends beyond moving cargo, with ports increasingly tied to supply chains, energy security and industrial policy.

In March 2026, the Commission adopted two strategies focused on competitiveness, sustainability, security and resilience across the EU’s waterborne sector, including ports, shipping and shipbuilding.

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