Breaking news

Ermes Transfers ERA Department Stores for Strategic Realignment

In a strategic move aimed at restructuring and shedding non-profitable divisions, Ermes Department Stores Plc has announced the transfer of its ERA department stores to Gencom Ltd for a nominal price of €1. While such a figure might raise eyebrows, it aligns with Ermes’ broader objectives of streamlining operations and managing financial sustainability, given the stores report a loss of €1.3 million for 2024.

The deal, pending approval from Cyprus’ Competition Protection Commission, requires Gencom to take on long-term lease contracts and approximately €4.5 million in pending orders for the Spring/Summer 2025 season.

Transferring staff and assets like fixtures and the UNIQUE customer loyalty program ensures a smooth transition. Ermes will maintain a supporting role until late 2025.

Expected to realize a €1 million accounting profit due to IFRS 16 compliance, the transaction should benefit the CTC Group and its shareholders without impacting essential managerial interests. With such strategic shifts, the economic landscape of Cyprus continues to evolve. For more insights on Cyprus’ dynamic markets, read our financial overview.

Greek Tankers Transit Hormuz As Shipping Risks Rise In Gulf And Black Sea

Two tankers linked to George Prokopiou passed through the Strait of Hormuz as regional tensions continue to affect shipping routes in the Gulf.

Safe Passage Through Hormuz

The tanker Smyrni, operated by Dynacom Tankers Management, was observed off the coast of Mumbai on Saturday morning after its earlier positioning in the Persian Gulf. The vessel, like its predecessor Shenlong, temporarily disabled its transponder during transit, a common practice in these narrow channels under uncertain conditions.

Robust Market Commitments

Despite reduced shipping traffic through the strait, Dynacom has continued expanding its fleet. The company recently ordered four additional VLCC tankers from Hengli Heavy Industry. Each vessel will have a capacity of 300,000 deadweight tonnes. With the new order, Dynacom’s VLCC program in Chinese shipyards now totals 16 vessels.

Security Incident In The Black Sea

In a separate incident, the Greek-flagged tanker Maran Homer sustained minor damage near Novorossiysk in the Black Sea. The vessel is operated by Maran Tankers Management, part of the shipping group controlled by Maria Angelicoussis.

Reports indicated the ship was struck by a missile or drone about 14 nautical miles from the port. The crew of 24, including Greek, Filipino and Romanian sailors, was not injured. The vessel, which was not carrying cargo, continued sailing under its own power.

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