General Atlantic has appointed tennis icon Novak Djokovic as a global strategic advisor, bringing one of the most accomplished athletes in modern sport into its leadership circle as the firm expands its focus on wellness, innovation and sports-related investing.

Why Djokovic Fits The Mandate

According to a General Atlantic press release, Djokovic will work closely with the firm’s leadership, portfolio companies and investors, contributing perspectives on leadership, resilience and innovation. For a private equity and growth equity platform built on identifying durable long-term trends, the move is as symbolic as it is strategic.

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The announcement arrives just days before Djokovic is due to compete at Wimbledon, where he is pursuing a record-extending 25th Grand Slam title. The timing underscores the duality of Djokovic’s brand: still an elite competitor on the court, while increasingly active as an investor and operator off it.

A Growing Portfolio In Health And Wellness

Djokovic’s interests already extend well beyond tennis. He has backed a range of wellness-focused businesses, including Waterdrop, co-founded the supplement company SILA in 2024, and later helped launch the clean snack brand Cob Foods in 2025. He has also supported the wearables company Incrediwear.

That track record gives General Atlantic a credible entry point into the health and wellness economy, one of the most resilient consumer themes in private markets. As Bloomberg reported, the firm aims to leverage Djokovic’s network to broaden its reach in the sector.

Private Equity’s Growing Interest In Sport

General Atlantic is also expanding its presence in sports investing. Over the past two years, the firm has acquired stakes in a football club, a sports stadium and a sports media agency, reflecting broader interest from private capital in sports, entertainment and related infrastructure.

Tennis has also attracted growing investor attention, with General Atlantic becoming one of the latest firms to expand into the sector.

Speaking to Bloomberg, General Atlantic Chief Executive Bill Ford said Djokovic has “strong views about how professional tennis can be reshaped,” adding that “there’ll be opportunities there.”

President Donald Trump on Friday warned that countries imposing digital services taxes on U.S. companies could face tariffs of up to 100% on their exports to the United States.

A Direct Warning To Trade Partners

In a post on Truth Social, Trump said the tariff would “supersede Trade Deals made with the Country, whether implemented, signed, or not.”

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He also said the measures would be “immediately imposed” if governments proceed with plans to introduce digital services taxes.

Why Digital Taxes Have Become A Flashpoint

Digital services taxes are intended to tax revenue generated by large online platforms, many of which are U.S.-based companies such as Meta, Alphabet and Amazon.

Supporters argue the measures ensure multinational technology companies pay taxes where they generate revenue. Washington, however, has long argued that such taxes disproportionately target American firms.

Trump has repeatedly threatened retaliation against countries adopting digital services taxes. Last year, he warned Canada that it would end trade negotiations if Ottawa introduced its proposed digital levy. Canada later withdrew the measure before it took effect.

Europe Is In The Crosshairs

More than a dozen countries have already introduced digital services taxes, according to the Tax Foundation. In Friday’s post, Trump singled out “Numerous European Countries” that he said are considering similar measures.

That puts the issue squarely at the intersection of tax policy, trade policy and geopolitical leverage. For global businesses, the risk is not just higher costs, but the possibility that tariff retaliation could spill into broader commercial relationships.

Legal Authority Remains Unclear

Questions remain over the legal authority the administration could use to impose immediate country-specific tariffs on this scale. Earlier, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act did not authorize the administration’s reciprocal tariffs.

Hours after that decision, Trump announced an executive order imposing a new global 10% tariff under Section 122 of the Trade Act of 1974. That provision allows tariffs to remain in place for up to 150 days unless Congress approves an extension.

The U.S. government has authorized Anthropic to provide its Mythos 5 model to a limited group of around 100 companies and federal agencies, easing restrictions imposed earlier this month on the company’s most advanced AI systems.

Commerce Department Eases Restrictions On Mythos 5

According to a letter seen by CNBC, U.S. Commerce Secretary Howard Lutnick said “appropriate safeguards are in place” to allow selected trusted partners to access Claude Mythos 5.

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The decision follows two weeks of discussions between Anthropic and the Trump administration over access to the company’s latest models, Mythos 5 and Fable 5.

For now, the authorization applies only to Mythos 5. Restrictions on Fable 5 remain in place.

A Narrow Opening, Not A Full Reversal

Addressed to Anthropic co-founder Tom Brown, the letter follows reports that he has led discussions with the White House after CEO Dario Amodei stepped back from direct negotiations.

Earlier this month, Anthropic suspended access to both models after receiving an export-control directive requiring the company to block access for all foreign nationals, including its own employees, regardless of whether they were inside or outside the United States.

Those restrictions came shortly after Anthropic introduced the two models. At launch, the company described them as state-of-the-art across multiple industry benchmarks, with Fable 5 including additional safeguards for high-risk applications.

OpenAI Moves Faster On Broader Rollout

On the same day, OpenAI introduced three new AI models, saying access would initially be limited to a small group of trusted partners in line with a request from the U.S. government.

The company said it plans to make GPT-5.6 Sol, Terra and Luna more broadly available in the coming weeks and confirmed that government officials had been briefed on the models before their release.

Anthropic’s Tense Relationship With Washington

Relations between Anthropic and the Trump administration have become increasingly strained this year.

Earlier, the Department of Defense designated the company a supply chain risk following disagreements over the use of its AI models, preventing certain defense contractors from using Claude models in military-related work.

Anthropic is challenging that designation in court, and the case remains ongoing.

A majority of U.S. consumers now say they would prefer to buy a home rather than rent or live with family, according to Bank of America’s latest Homebuyer Insights Report.

The survey marks the first time since 2023 that more respondents have favored homeownership than renting or living with family, despite continued affordability challenges.

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Sentiment Improves Even As Affordability Pressures Persist

Overall, 53% of respondents said they would rather buy a home, while 47% preferred renting or living with family. Gen Z and millennial respondents were among the strongest supporters of homeownership, according to the survey.

At the same time, affordability remains a key consideration. Bank of America found that 71% of respondents are waiting for interest rates and home prices to decline before purchasing a home, down from 75% in 2025.

The survey also found that 22% of current homeowners expect to purchase another property within the next year, compared with 15% a year earlier.

Buyers Are Moving From Waiting To Acting

“Despite real and persistent challenges in the market, buyers and owners are increasingly optimistic, and many are starting to move forward rather than waiting on the sidelines,” said Matt Vernon, head of consumer lending at Bank of America, which can be found at Bank of America.

“We are seeing meaningful changes in attitudes toward homeownership.”

Still, affordability remains the central barrier for would-be buyers. High home prices and elevated interest rates continue to rank among consumers’ top concerns, underscoring the gap between aspiration and execution in today’s housing market.

AI Is Entering The Homebuying Process

The survey also highlighted the growing use of artificial intelligence during the homebuying process. One in five prospective buyers and current homeowners said they had used AI tools or chatbots over the past year to estimate costs, evaluate neighbourhoods and monitor housing market trends.

The Homebuyer Insights Report is based on a survey conducted by Sparks Research on behalf of Bank of America between April and May, covering 1,000 homeowners and 1,000 renters.

Inflation Expectations Retreat In May

Consumers across the euro area lowered their short-term inflation expectations in May, according to the European Central Bank’s latest Consumer Expectations Survey.

Expected inflation over the next 12 months fell to 3.5% from 4.0% in April, while perceived inflation over the previous 12 months remained unchanged at 4.0%.

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Long-Term Outlook Holds Steady

Longer-term inflation expectations were unchanged. Consumers continued to expect inflation of 2.9% three years ahead and 2.4% over a five-year horizon.

The ECB also reported a decline in uncertainty about inflation over the coming year, although it remained above levels recorded before the conflict in the Middle East.

Income Gaps Continue To Shape Sentiment

The survey showed notable differences across income groups. Lower-income households reported higher perceptions of past inflation and higher expectations for future inflation than higher-income respondents.

Age differences were also evident. Consumers aged 18 to 34 reported lower inflation perceptions and expectations than those aged between 35 and 70.

Household Finances Show Mixed Signals

Expected nominal income growth over the next 12 months increased to 1.0% from 0.8% in April. At the same time, expected spending growth eased to 3.8% from 4.3%, while expectations for economic growth improved to -1.7% from -2.2%. Although households continued to expect the economy to contract, the latest reading indicates a less negative outlook than a month earlier.

Labour Market Views Remain Broadly Stable

Consumers expected the unemployment rate 12 months ahead to reach 11.3%, up slightly from 11.2% in April. Expectations differed across income groups, with lower-income households forecasting unemployment of 13.7%, compared with 9.5% among higher-income respondents.

The expected unemployment rate remained only slightly above the perceived current rate of 10.7%.

Housing And Credit Conditions Stay Tight

Consumers expect house prices to increase by 3.6% over the next year, compared with 3.7% in April. Expectations for mortgage interest rates were unchanged at 4.9% for the third consecutive month.

Lower-income households continued to expect higher mortgage rates than higher-income households, at 5.6% and 4.4% respectively.

The survey also showed that the net share of households reporting tighter access to credit over the previous 12 months reached its highest level since February 2024. At the same time, fewer respondents expected credit conditions to tighten further over the coming year.

Regional Banks Enter A More Favorable Cycle

Bank of Cyprus and Eurobank are well positioned to benefit from a renewed re-rating of Greek and Cypriot bank stocks, according to Cyprus-based investment firm Roemer Capital, which upgraded Bank of Cyprus to a buy rating and reaffirmed its positive view on Eurobank.

The firm cited easing geopolitical tensions, resilient economic growth in Greece and Cyprus, lower funding costs and Greece’s expected transition to developed-market status as the main factors supporting the sector.

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Roemer Capital also lowered its cost of equity assumptions, updated its forecasts following first-quarter 2026 results and extended its valuation horizon to the end of 2027, raising target prices across its banking coverage.

Bank Of Cyprus Gets The Largest Upgrade

Bank of Cyprus received the biggest revision, with Roemer Capital upgrading the stock from hold to buy and setting a target price of €11.10, implying potential total upside of 27%.

The firm highlighted the bank’s strong capital generation, profitability and projected 100% dividend payout, describing it as the strongest capital-return story among the banks under coverage. Roemer Capital maintained its buy rating on Eurobank, assigning a target price of €4.90 and forecasting potential upside of 28%. The report said the bank is well placed to benefit from loan growth, improving operating performance and merger-and-acquisition synergies.

National Bank of Greece and Piraeus Bank also retained buy ratings, with expected returns ranging from 25% to 36%. Optima Bank was upgraded to buy, while Alpha Bank remained at hold on valuation grounds.

Why Growth Still Sets The Region Apart

According to Roemer Capital, Greek and Cypriot banks continue to benefit from stronger economic fundamentals than many western European peers. The report pointed to faster economic growth, healthier balance sheets, low levels of non-performing exposures, capital ratios approaching 20% and strong customer deposit bases.

Analysts expect performing loans across the sector to grow at a compound annual rate of 6% to 8% through 2028, supported by private investment, digitalisation, green manufacturing, supply-chain expansion and a gradual recovery in household lending.

The report also said the conclusion of lending under the EU Recovery and Resilience Facility is unlikely to materially affect credit growth, as banks have already shifted back towards traditional commercial lending. Roemer Capital expects Euribor to remain between 2.2% and 2.5%, a level it believes should support both lending activity and net interest margins.

Geopolitics, Valuation And Market Structure Support The Case

The report said improving geopolitical conditions have strengthened the investment outlook, noting that Brent crude prices have largely returned to pre-war levels while Greek government bond yields have stabilised at around 3.5%. Although geopolitical risks remain, Roemer Capital believes the likelihood of a major inflationary shock or significant pressure on bank profitability has eased.

Another important catalyst identified by the firm is Greece’s expected promotion to developed-market status by FTSE Russell, STOXX and MSCI over the coming months.

According to the report, the reclassification should improve liquidity and attract a broader base of international investors. Roemer Capital also said Euronext’s acquisition of the Athens Exchange is expected to strengthen market infrastructure and increase international visibility, particularly for Bank of Cyprus and Optima Bank.

The firm noted that Bank of Cyprus has already benefited from its Athens listing, with average daily trading value increasing from less than €400,000 before its September 2024 move to nearly €6 million afterwards.

Economic Momentum Remains A Core Tailwind

Roemer Capital said both Greece and Cyprus have moved beyond post-crisis recovery and are now supported by private-sector-led growth. For Cyprus, the report highlighted recent tax reform and efforts to simplify the legal and regulatory framework, while also noting that limited foreign banking competition continues to support domestic lenders.

Overall, Roemer Capital expects Greek and Cypriot banks to remain well-positioned for profitable loan growth over the coming years.

Hourly-paid government employees in Cyprus staged the first 24-hour strike of its kind on Wednesday, marching from the Ministry of Finance to the Presidential Palace as they demanded higher wages and the renewal of their collective agreement.

Protesters gathered outside the Ministry of Finance before marching to the Presidential Palace, chanting slogans including “No to starvation wages” and “Enough of the mockery, we are not second-class workers.” Union representatives later delivered a memorandum to the President of the Republic, calling for his intervention in negotiations with the finance ministry.

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According to the unions, hourly-paid government employees have received total wage increases of just 1.5% over the past 17 years.

A Broad Cross-Section Of The Public Sector Walks Out

The strike brought together workers from across the hourly government workforce, including skilled technicians, conservators of antiquities, builders, engine operators, road transport inspectors, cleaning staff, health services personnel, forest firefighters, firefighters and lifeguards.

Giorgos Constantinou, secretary-general of OEKDY SEK, said in a speech outside the Presidential Palace that this was the first time in the history of the Republic of Cyprus that hourly government staff had launched a 24-hour strike. “We are demanding wage increases,” he said, adding that it is “unacceptable” for the government to treat hourly staff unfavorably despite the essential work they perform in keeping the state machinery running.

Stavros Andreou, secretary-general of PASYEK-PEO, said the workers were demanding to be heard. “We are not beggars and we are not asking anyone for charity. We are asking the state to adopt policies that allow workers to live with dignity,” he said, noting that hourly government employees are paid at minimum-wage levels. He added that 30% of hourly government workers earn up to €1,500 a month.

Andreas Antoniou, secretary-general of DEE KDOKO DEOK, said hourly employees are low-paid and cannot keep pace with the demands of the modern economy. He noted that the overall increase since 2009 has been just 1.5%, despite Cyprus posting one of the strongest growth rates in Europe, and argued that wages should rise accordingly.

Their Case Before The President

In the memorandum submitted to the President of the Republic through government spokesman Konstantinos Letymbiotis, the workers asked for his intervention. “We address you with the expectation that you will intervene immediately so that an agreement can be reached for the renewal of the collective agreement for hourly government staff and wages can improve,” the document said.

The memorandum further argues that hourly government workers are paid significantly less than employees in comparable private-sector roles working the same number of hours per week.

It also states that, although the total public service payroll has increased, the cost of the hourly government workforce has declined and is now well below even its 2011 level. According to the unions, requests for wage increases have been on the table since April of last year.

Warnings Of A Broader Escalation

After the memorandum was delivered, Andreou said the government spokesman had committed to relaying the unions’ position to the president and the finance minister. The workers and unions, he said, would allow the government time to review the document before deciding their next move.

“If we do not receive a positive response, if the President of the Republic does not open the door to dialogue through his intervention, we will discuss among ourselves and respond in the coming period more dynamically, more massively and with different, perhaps more forceful, methods,” he said.

Constantinou said the unions had explained to the government spokesman the importance of hourly government staff to the functioning of the state. He said they had been assured that the President would be informed and that the Ministry of Finance would also be briefed, expressing hope that an agreement enabling pay increases could be reached in the coming days.

Antoniou added that the unions had explained to the spokesman that most hourly workers earn wages that “barely allow them to get by.” He said they hoped the message would reach the President so that, through his intervention, the finance ministry would enter into meaningful dialogue aimed at a swift agreement.

Workers Describe Strain On Household Budgets

Speaking to journalists, a health-sector employee said the workers are asking for the wage increases that have been delayed for years, as well as respect and dignity. Another health worker, who said she has been employed for a decade, reported a monthly salary of €1,000 and questioned how anyone can live with dignity on that income when monthly expenses are higher.

A district administration employee with 40 years of service said his salary had not risen above €2,000, describing it as a “starvation wage.” Another worker with 33 years of service said he could still not afford necessities.

A lifeguard said lifeguards are among the most disadvantaged hourly employees because they work on six-month contracts and receive no provident fund or other benefits. “The state should give us the basic rights every worker has so that young people will continue to see a future in the profession,” he said, adding that six-month contracts drive people away into other jobs.

Government Says Talks Will Continue

Government spokesman Konstantinos Letymbiotis said discussions would continue, noting that the finance ministry had viewed some of the unions’ requests positively during a meeting held the previous day. After receiving the memorandum, he said it would be forwarded to the President.

Letymbiotis also highlighted measures introduced by the government over the past three years, including wage progression under scale A2.5.7, the full restoration of the cost-of-living allowance, the recent tax reform and the 1.5% across-the-board increase for public-sector employees.

Responding to comments by Finance Minister Makis Keravnos that the demands could exceed €50 million, Letymbiotis said one wage-related request alone would cost around €30 million over three years.

“These are not insignificant amounts,” he said. “They are substantial sums that must be considered in relation to the rest of the public sector, to salary levels and to the state’s fiscal capacity.”

Cyprus’ tourism sector is adapting to a noticeable shift in traveller behaviour. The traditional pattern of booking summer holidays months in advance, giving hotels and tourism businesses clear visibility over demand, is gradually giving way to shorter booking windows.

More travellers are now making decisions much closer to departure, comparing prices across destinations, seeking greater flexibility and waiting longer before confirming their plans.

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Rising living costs, geopolitical uncertainty and fluctuating transport prices have all contributed to this trend. For Cyprus, where tourism remains one of the economy’s key sectors, the change is reshaping how businesses plan and respond to demand.

The New Booking Horizon

International booking platforms indicate that forecasting tourism demand has become more challenging as booking windows continue to shorten. In many cases, a clearer picture of demand only emerges a few weeks before arrival.

For hotels, airlines and tourism businesses, that means making faster decisions on staffing, pricing and capacity while operating with less visibility than in previous years.

Shorter booking windows have also increased pricing pressure. Unsold rooms and airline seats are more likely to be discounted closer to departure, helping support occupancy but also creating pressure on profitability.

Cyprus Cannot Compete On Price Alone

Price, however, is only one part of Cyprus’ tourism offering. Safety, stability, hospitality, climate, culture and the overall visitor experience remain among the island’s strongest competitive advantages.

As travellers increasingly seek personalised experiences and authentic destinations, maintaining product quality may prove just as important as remaining price competitive.

That places greater emphasis on tools such as real-time market data, dynamic pricing and more targeted marketing in key source markets. Expanding conference, sports, cultural and gastronomic tourism could also help reduce seasonality and diversify demand throughout the year.

What The Next Phase Requires

Shorter booking horizons are becoming an increasingly important feature of the global tourism market, requiring destinations to adapt more quickly to changing consumer behaviour.

For Cyprus, the challenge extends beyond increasing visitor numbers. Maintaining the quality and long-term competitiveness of the tourism product will require continued investment in innovation, differentiation and visitor experience.

Air connectivity is also becoming increasingly important. As travellers make decisions closer to departure, flight availability and convenient connections can play a greater role in destination choice. Technology is likely to become another important differentiator. Access to real-time information on demand, pricing and traveller behaviour can help tourism businesses respond more quickly to market changes.

Meeting these challenges will require continued cooperation between the public and private sectors as Cyprus works to strengthen the resilience and competitiveness of its tourism industry.

Artificial intelligence is already reshaping the economy, labour market and education, but human judgment and values will remain essential, Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou said on Thursday during the University of Cyprus postgraduate graduation ceremony.

Speaking to graduates, Damianou said AI is no longer a prospect or a theoretical discussion, but a technology that is already influencing Cyprus’ economy, workforce and competitiveness.

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The Real Question Is Human, Not Technological

“The essential question remains the same and more important than ever: how do we ensure that technology serves humans and not the other way around?” Damianou said.

He referred to recent discussions at the G7, where world leaders met executives from major AI companies, including OpenAI, Google DeepMind and Anthropic. Damianou also cited OpenAI chief executive Sam Altman’s warning that governments should not outsource their responsibilities to AI companies.

According to the deputy minister, the challenge is not only to develop more advanced AI systems, but also to ensure they serve people, democracy and society.

Why Cyprus Must Move Quickly

Damianou said preparing the workforce for technological change will be critical to Cyprus’ future competitiveness.

Citing World Economic Forum estimates, he noted that around 39% of existing skills are expected to change or become less relevant by 2030, while six in 10 workers will require training or retraining within the next five years. He said those figures underline the importance of continuous learning throughout a person’s career.

Universities As Engines Of Adaptation

Universities, Damianou said, have an important role to play not only in producing knowledge, but also in helping societies innovate and adapt to change.

He described the University of Cyprus as the country’s leading institution for research, innovation and knowledge creation, highlighting its research activity, international partnerships and contribution to developing highly skilled talent. He also referred to the university’s continued presence in the QS World University Rankings 2027.

Policy, Talent And The Innovation Economy

Turning to government policy, Damianou said Cyprus is working to build a more competitive, outward-looking and technology-driven economy by strengthening links between research and business, supporting the responsible use of new technologies and promoting entrepreneurship.

He also referred to the Minds in Cyprus initiative, which aims to encourage Cypriot scientists and professionals living abroad to return and contribute to the country’s development.

According to Damianou, the objective is to ensure that young professionals have genuine opportunities to build their careers in Cyprus. “When I chose as a young scientist to return to Cyprus, the conditions and opportunities that exist today did not exist,” he said.

Cyprus Is Expanding Its Innovation Economy

Damianou said Cyprus has made significant progress in recent years. He pointed to the country’s highest economic growth rate in the European Union during the first quarter of 2026 and said the technology sector now accounts for around 15% to 16% of GDP, making it the fastest-growing part of the economy.

He also said Cyprus’ startup ecosystem has recorded the highest growth rate in Europe for the third consecutive year, with five times more startups than in 2020.

According to Damianou, Cyprus has strengthened its position as an emerging regional hub for innovation and technology.

Character Still Matters In The Age Of AI

Concluding his address, Damianou told graduates that technological progress does not diminish the importance of human judgment and values.

Using Michael Jordan as an example, he said success is shaped not by individual setbacks, but by the ability to keep moving forward despite uncertainty.

The International Maritime Organization (IMO) has temporarily suspended its evacuation plan for vessels trapped in the Persian Gulf after an attack on a merchant ship in the Gulf of Oman, underscoring how quickly security conditions in one of the world’s most sensitive waterways can destabilize global shipping.

The UN shipping agency said the decision followed an attack on a vessel that had passed through the Strait of Hormuz. Although the ship was not operating under the IMO evacuation framework, the incident was enough to halt a mission that had only just begun moving stranded ships and crews out of the region.

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Safety Concerns Override Momentum

IMO Secretary-General Arsenio Dominguez said several vessels had already been successfully evacuated, but the organization needed to confirm that the required safety guarantees were still in place before proceeding.

“I have always reiterated that the safety of the seafarers remains paramount,” Dominguez said, adding that the evacuation plan would remain paused “until further clarity is obtained.”

The decision comes at a delicate moment for international shipping. The IMO launched the evacuation plan earlier this week, working with member states and industry after months of disruption around the Strait of Hormuz, one of the world’s most important energy and trade corridors.

The framework was designed to allow vessels to leave the Persian Gulf in a controlled, sequenced manner rather than create congestion in a narrow and heavily militarized passage. According to the IMO, roughly 11,000 seafarers were expected to be evacuated under the plan.

Reuters reported that by Wednesday morning, around 57 ships carrying about 1,100 seafarers had already used the routes before the pause was announced.

Attack In Gulf Of Oman Changes The Calculation

The latest incident followed reports from the UK Maritime Trade Operations agency that a vessel had been struck by an unknown projectile off the coast of Oman, damaging the bridge.

No casualties or pollution were reported. AP later cited a U.S. official as saying the ship had been hit by an Iranian drone, although the IMO neither identified the vessel nor attributed responsibility for the attack.

Iran has challenged routes developed without its full approval, maintaining that safe passage through the Strait of Hormuz should take place only through sea lanes recognised by Tehran. Authorities have also instructed vessels to remain in contact with naval forces through international maritime communication channels.

Why Cyprus Has A Direct Stake

Developments in the region are particularly relevant for Cyprus, one of Europe’s largest shipmanagement centres. According to the Shipping Deputy Ministry, 19 Cyprus-flagged vessels were operating in the Arabian Gulf earlier this week, with all ships and crews reported safe. Most operate permanently in the region, primarily providing specialised or auxiliary maritime services.

The Shipping Deputy Ministry has promoted Cyprus as the largest third-party shipmanagement centre in Europe and one of the three largest globally, with companies based on the island managing more than one-fifth of the world’s third-party fleet.

Greece Faces Even Greater Exposure

Greece also has significant exposure to developments in the region. The Union of Greek Shipowners says the country controls nearly 5,800 vessels, representing more than 19% of global tonnage and 61% of the European Union-controlled merchant fleet.

Earlier in the crisis, Greece’s shipping ministry advised Greek-flagged vessels to avoid the Persian Gulf, the Gulf of Oman and the Strait of Hormuz because of heightened navigation risks. Reuters also reported in March that at least 10 Greek-flagged ships were operating inside the Gulf, with five more just outside it, while more than 325 Greek-owned or Greek-managed vessels were present across the wider region.

Greek Shipping Minister Vassilis Kikilias described the situation as “alarming and worrying”, calling for commercial shipping to remain outside armed conflicts.

A Cautionary Pause, Not A Failure

Dominguez said the decision to pause the evacuation reflects the need to ensure the safety of seafarers before the operation resumes.

Coinciding with the Day of the Seafarer, held this year under the theme “Carrying world trade. Carrying the risks.”, the announcement also highlighted the importance of protecting thousands of seafarers in the Persian Gulf. Dominguez said they must not become victims of the ongoing geopolitical tensions.