As 2,500 ships currently under management by Cyprus-based companies could be registered in the Cypriot registry, a settlement of the Cyprus problem could boost the island`s commercial fleet to new levels, reports CNA.
The Cypriot registry currently ranks 10th in the world and 3rd in the European Union with 1,763 ships flying the flag, despite the embargo on Cypriot-flagged ships imposed since 1987 by Turkey.
Cyprus has a highly developed ship-management sector, the second largest in the world, with 2,500 ships under management by Cypriot-based firms.
According to Cyprus Shipping Chamber Director General Thomas Kazakos, after a settlement, these ships could register with the Cypriot registry “overnight”.
He said that without a political settlement in place, without the lifting of Turkey’s embargo and without exploiting our natural wealth we are managing 2,500 ocean-going ships. You can imagine the numbers that we will have to manage (after a settlement).
Kazakos said a settlement could automatically bring about the end of the embargo which he calls the Cyprus registry`s “Achilles heel.”