Government Aims to Develop, Upgrade, Cyprus Shipping

The government continuously improves incentives for shipowners to register their ships under the Cyprus flag.

Communication & Works Minister Flourentzou pointed out Cyprus ranks among the largest international ship registries in the world, but unlike other open registries, he added, Cyprus is also a major base for international shipping operations and for other activities related to shipping.

The Minister noted that “a maritime cluster has been developed, a large part of which was established with foreign investment. The nucleus of this cluster comprises ship owning and ship management companies which own or manage more than 2000 ships of 30 million gross tonnage which amount to more than 5 percent of the world’s merchant fleet.

Around them, more than 100 companies have been established with shipping related activities ranging from marine insurance, ship chartering, ship broking, financial services, equipment suppliers and telecommunications, to port services, transshipment operations, shipping agents, ship chandlers and ship bunkering. This combination makes Cyprus unique among open registries and offers business opportunities beyond mere ship registration”.

lourentzou said that the government’s maritime policy is based on quality, competitiveness and reliability and that Cyprus maintains a high quality fleet and the effective implementation of the internationally applicable safety, security and environmental protection standards, is the foundation on which it builds its reputation as a respectful maritime flag and as a base for international operations.

The Minister reiterated that Cyprus strongly supports the further development of the EU Integrated Maritime Policy and has placed it as part of the strategic priorities of the Cyprus Presidency to the Council of the EU.

Source: Famagusta Gazette