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Cypriot Shipping: Charting A Course For Global Recognition

Cypriot shipping stands proudly on the world stage, a testament to years of dedicated investment in maritime infrastructure and expertise. Spearheading this prestigious legacy, Thomas Kazakos steps into the role of Secretary General and CEO of the International Chamber of Shipping (ICS), marking a historic milestone as the first Cypriot to hold this prominent global position.

Reflecting on his journey, Kazakos emphasizes the integral role of public-private partnerships in elevating Cyprus in the international maritime arena. His tenure arrives at a pivotal moment as the industry navigates challenges such as decarbonization and digitization amidst a backdrop of evolving global economic policies.

Kazakos’ mission aligns closely with the visions laid out by Cyprus’s leadership, reinforcing the nation’s reputation as a trusted and sophisticated maritime hub. This role not only boosts Cyprus’ profile but also empowers the ICS to champion the interests of shipowners worldwide, advocating for uniform regulations over fragmented national policies.

Curious about Cyprus’s broader potential in the energy sector? Explore more about its promising pathway in energy investments here.

Shipping, responsible for 90% of global trade and 94% in Cyprus, remains a critical pillar of the global economy. During crises, like the pandemic or geopolitical tensions, the sector’s resilience ensures continuous, safe trade routes, highlighting the necessity of robust coordination between states with naval capacities and the IMO.

Looking ahead, Kazakos champions a future where shipping remains the safest, least polluting, and most economical mode of transport. He advocates for comprehensive digital transformation and warns against protectionist policies that disrupt international standards. A committed visionary, Kazakos places people at the core of his strategy, ensuring high standards of living and attracting new talent to the industry.

His legacy promises to be as significant as his predecessors’, carving a path that integrates Cyprus’s rich maritime heritage with global shipping advancement. With such strides, the Cypriot flag is poised to soar higher in the international maritime community.

Cyprus Construction Price Index Rises Amid Cost Pressures

The latest data from the Cyprus Statistical Service (Cystat) shows that the Price Index of Construction Materials in Cyprus reached 118.89 points in January 2026, based on a 2021 average of 100. Compared with December 2025, the index increased by 0.12%, indicating gradual price adjustments across the sector.

Year-Over-Year Growth

On an annual basis, the index recorded a 1.09% increase compared with January of the previous year. The rise reflects ongoing changes in contractor costs and highlights evolving market conditions within the construction industry.

Commodity-Specific Movements

The report provides a detailed breakdown by material category. Minerals recorded the strongest annual increase at 2.91%, followed by electromechanical products at 2.55%. Products made from wood, insulation materials, chemicals and plastics rose by 1.19%, while mineral products increased by 0.97%. In contrast, metallic products declined by 0.49%.

Volatility In Sub-Categories

More pronounced changes were observed within specific sub-categories. Mineral aggregates rose by 8.34%, while stones increased by 4.97% compared with January 2025. Electrical fixtures posted a 4.65% increase. Iron and steel products declined by 1.73%, and ceramics and cement continued to trend lower, falling by 1.47% and 1.38% respectively.

Methodological Insights

The index is calculated as a weighted average based on the expenditure share of sampled materials during the 2021 base year. Prices are collected monthly from a range of suppliers, using the 15th of each month as the reference date and excluding VAT. The Construction Costs Index applies specifically to new residential buildings.

This detailed analysis not only sheds light on current market trends but also offers stakeholders a robust framework for understanding the underlying cost dynamics in Cyprus’s construction materials market.

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The Future Forbes Realty Global Properties
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