Cyprus Shipping

Contributed by Department of Merchant Shipping Cyprus [ www.mcw.gov.cy ]

Cyprus is today a fully fledged maritime center, combining both a sovereign flag and a resident shipping industry which is renowned for its high quality services and standards of safety. The Cyprus registry today, ranks tenth among international fleets and third within the European Union. 

Merchant shipping is a business sector for which Cyprus is proud of. It represents an invaluable asset for Cyprus with significant political and economic advantages. At the same time, Cyprus has established itself as a quality registry. Our government’s maritime policy is established on three pillars QUALITY, COMPETITIVENESS and RELIABILITY. The maintenance of a high quality fleet and the effective implementation of the internationally applicable safety, security and environmental protection standards, is the foundation on which Cyprus builds its reputation as a serious maritime flag and as a base for international operations. The implementation of a series of legislative and administrative measures for the enhancement of maritime safety and security which are in line with the European guidelines and the objectives of the local shipping industry are the measures enabling Cyprus to maintain the “White List” status in the flag assessment systems on port state control.  Our aim is not just to maintain Cyprus´s leading role in world shipping but to further develop and upgrade Cyprus shipping. Our ambition is to be a step ahead of competition at any time, both as an international registry and as a base for international shipping operations.

Numbers show that the economic downturn didn’t have a negative impact on the Cyprus Registry. In hard times like these, the competitiveness of various ship registers is of particular importance. Although Cyprus has much to offer in terms of infrastructure and maritime administration, ultimately the bottom line is costs. In that respect, Cyprus provides a competitive edge to its clients, with regard to taxes, fees and service following registration. The New Tonnage Tax System secures a stable fiscal environment for Cyprus Shipping in the long term.  It also introduces incentives for new shipping activities and extends the implementation of the EU maritime transport policy beyond the European boundaries. This, in fact, provides a new impetus for the shipping industry of the island and creates great prospects for future growth.

We look into the future with confidence. With systematic work, the implementation of proactive actions and measures, the maritime sector of Cyprus will continue to grow and develop under the new image of a quality-oriented and competitive registry and shipping center.

Cyprus represents an example of a maritime country adapting to shipping’s conditions and developments. A decade ago, by performing a correct analysis of the trends of the shipping industry, Cyprus took all necessary measures to transform its flag into a quality and reliable maritime flag. The motto adopted was to transform the Cyprus flag into aflag of progress. We are very proud to say that our goal has been achieved. But we are not complacent. We always strive for further improvement. We are confident that with the coordinated effort of all the stakeholders in Cyprus shipping, the maritime sector of Cyprus will have a bright future.

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