The shipping sector is facing multiple challenges due to geopolitical upheaval combined with environmental and technological change, stresses Kypros Kyriakou, Senior Audit Manager of RSM Cyprus Ltd, a company with wide experience in the industry, which offers a range of services to businesses.
What is RSM Cyprus?
RSM Cyprus is a member of RSM International, a powerful network with a presence in 120 countries and more than 57,000 people collectively. As a team, we share skills, knowledge and resources while following a customer-centric approach focusing on ‘the power of being understood.’ Particular emphasis is given to developing and continuously improving our people skills, aiming to offer high-quality services personalised to each client’s needs and requirements.
What challenges do shipping companies face today?
Geopolitical, environmental and technological factors significantly affect the marine sector due to its high competitiveness and influence on the global economy. The pandemic and the war between Russia and Ukraine have caused multiple disruptions in the supply chain, and companies had to find ways to manage significant cost increases.
At the same time, the sector must deal with adopting new environmental regulations and implementing new technologies. Companies are constantly under strict supervision to reduce environmental pollution. Environmental regulations include, among others, the reduction of greenhouse gas emissions, waste management and recycling, the protection of biodiversity and, in general, the protection of the seas.
In addition, technological developments include automation, digitisation and the application of artificial intelligence. Although the investment in new technologies is high, the benefits will significantly improve business performance. Of course, it is important to emphasise that with digitisation, companies are more vulnerable and prone to cyber-attacks; therefore, maintaining data security is now of paramount importance.
In your opinion, what should companies pay attention to in dealing with these challenges?
Companies can implement risk assessment procedures and draft an execution plan. It is wise to have accurate monthly analyses of business performance and forecasts of future inflows and outflows. These reports will assist companies in making the right decisions regarding the cost and time of the investment, while at the same time, they will have a decisive role in creating their investment plan.
How can RSM Cyprus help companies manage these challenges?
RSM Cyprus provides assurance, tax, advisory and accounting services. We work closely with companies and become committed members of their teams. Our extensive experience in the shipping sector enables us to suggest ways to optimise the company’s internal controls. At the same time, when outsourcing your accounting function, we provide on a monthly basis accurate reports to management that will assist them in making decisions with confidence while creating their future strategic plans.
About
Limassol (headquarters): 131 Gladstonos, 3032, Kernia Court, 2nd floor. Tel: +357 25 204 000
Paphos: 4 Isavellas Katholikis, 8025, Office 2, Anavargos. Tel: +357 26 811 256
Nicosia: 36 Griva Digeni Avenue & 5 Deligiorgi, 1066, Lapitheio Court, 5th Floor. Tel: +357 22 730 41
