Steering a path towards global leadership in the shipping industry

Cyprus’ strategic location provides unparalleled access to international markets, stands as a crucial maritime hub connecting Europe, Africa, and Asia

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Marina Hadjimanolis, Shipping Deputy Minister, Cyprus.
Marina Hadjimanolis, Shipping Deputy Minister, Cyprus.

Published: Wed 27 Dec 2023, 12:40 PM

Nestling in the heart of the Mediterranean, Cyprus stands as a crucial maritime hub connecting Europe, Africa, and Asia, and not only cherishes its rich maritime heritage but also steers a path toward global leadership in the shipping industry.

STRATEGIC BUSINESS HUB WITH PROUD MARITIME HERITAGE

Cyprus’s strategic location, providing unparalleled access to international markets and an ideal time zone, fosters seamless global operations. The island’s regulatory simplicity, and an appealing tax system attracts businesses globally.

With English widely spoken and a skilled workforce, Cyprus offers cost-effective, high-quality support services, making it a prime choice for global enterprises. This strategic environment aligns with the nation’s rich maritime heritage, deeply rooted in its history, contributing significantly to the country’s GDP.

The government’s commitment is evident through the 2018 establishment of the Shipping Deputy Ministry, showcasing dedication to a thriving maritime industry.

Cyprus has, over the last 60 years, evolved into a significant maritime power, boasting the 11th largest global shipping fleet, the 3rd largest within the EU, and proudly standing as the largest third-party Ship-management Centre in the EU. This resilience and Cyprus’s enduring strategic importance, is evident through its uninterrupted election to the Council of the International Maritime Organisation, since 1987.

Cyprus actively participates with a strong voice in international fora, and in the decision-making processes.

QUALITY FLAG AND SERVICES

A ship’s quality flag is pivotal, minimising inspections and port delays for shipping companies. Cyprus, consistently atop the “White List” of the Paris and Tokyo MoUs, showcases a steadfast commitment to international safety, security, and environmental standards. The recent ascent from 13th to 8th place in the Paris MoU White List affirms the Cyprus Register of Ships’ high-quality and safety standards.

The Shipping Deputy Ministry, excels globally, providing efficient, high quality, personalised services and reinforcing Cyprus’s status as a maritime centre of excellence.

Cyprus has, over the last 60 years, evolved into a significant maritime power.
Cyprus has, over the last 60 years, evolved into a significant maritime power.

The comprehensive package of incentives, offered by the Cyprus maritime administration, includes the renowned Tonnage Tax System, a system fully aligned with the European Acquis in maritime transport, which ensures the competitiveness of the Cyprus shipping on the global stage.

Actively modernising, Cyprus aims for a paperless system by 2024, epitomised by the One-Stop Shipping Centre launched on November 20, 2023, facilitating streamlined transactions between the shipping industry and the government.

NAVIGATING CHALLENGES AND FOSTERING INCLUSIVITY

Cyprus stands out in the maritime world with its proactive approach to industry challenges. Actively engaged in international emissions reduction discussions, Cyprus supports green initiatives, by providing green tax incentives to shipowners and operators, encouraging and supporting ships registered in the Cyprus Register of Ships to use alternative fuels. Furthermore, the nation promotes diversity and gender equality in the maritime sector, launching initiatives to encourage young individuals, particularly women, to pursue maritime careers.

LEADING THE WAY TOWARDS A NEW ERA

Cyprus, a beacon of hope in the maritime world, is set to lead a new era of excellence with its quality flag, incentives, expertise, and strong public-private collaboration. It welcomes global shipping entrepreneurs, offering a base where innovation, inclusivity, and success converge.

With unwavering commitment, Cyprus sails towards a future of endless possibilities and unparalleled achievements on the global maritime stage.


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