Germany's Schulte Group has reiterated its long-term commitment to Cyprus in a top level meeting on the island.

Chairman Heinrich Schulte held talks with Cypriot president Nicos Anastasiades at the presidential palace in Nicosia on 11 June, the group said.

He was accompanied by his son Johann, as well as Yiannis Sykas, CEO of newly formed shipping fund Hanseatic Capital Management (HCM), and Charis Charilaou, director of Bernard Schulte (Cyprus).

Anastasiades "expressed his sincere gratitude" towards Schulte for his "invaluable contribution to the country’s shipping industry", a statement said.

Schulte first came to the island in 1972 and established Hanseatic Shipping Co, which is now known as Bernhard Schulte Shipmanagement (BSM), the first shipmanagement company in Cyprus.

“We recognise the success of BSM would not be possible without the strong support from the country in the past 46 years. We are grateful and honoured,” Schulte said.

The two sides discussed the formation of HCM, which is a specialised fund manager that plans to invest $120m in smaller bulkers and containerships.