BSM: Strong Player in Cyprus Shipping
BSM reports 20% increase in the number of vessels under its management over the last year.
The increase seen by BSM comes as no surprise against the backdrop of a fast growing economy that Cyprus has been demonstrating in recent times. Particularly over the last six months, the country has attracted many private equity firms and shipping companies, such as Ridgebury Tankers, who have set up presence here in Cyprus.
Arthur McWhinnie, Managing Director of BSM Cyprus, says: “With an increasingly strong Governmental support and the solid commitment from ship managers, shipping on the whole is gaining Cyprus a leadership position as a shipmanagement centre among Europe, Asia and Africa.”
Mr McWhinnie, an active member of the board of the Cyprus Shipping Chamber and the Cyprus Marine Environment Protection Association, shares his insights on the contributions of BSM in shaping Cyprus’ ship management scene. “Having been the first entrant in the ship management sector in Cyprus, BSM has not only established a business presence in this market since 1972, but has been instrumental in helping develop the island as a leading ship management hub both regionally and globally. Our global network across 30 locations, provides seamless connectivity to resources around the clock, a crucial element in running an efficient network of global shipmanagement centres.”
The role of Cyprus as a training centre that completes BSM’s global training network was also emphasised in 2013, with the inauguration of their new, wholly-owned Maritime Training Centre in the heart of Limassol, where cadets are trained annually in a state-of-the-art training facility to learn and develop competences. BSM Cyprus does not only utilise Cyprus to manage their total fleet of about 95 vessels, but it also runs vessels out of Venezuela. The Venezuela branch office is in operation for the last 20 years, and looks to Latin America for further growth prospects.
Long having strategically considered Cyprus as a “gateway” to Europe and the Middle East, BSM firmly believes that the growth encountered this year is a positive reinforcement of the company’s continuing focus on providing quality ship management services and reflects its prominent position within the shipping industry in Cyprus.
Mr McWhinnie adds, “While an increasing number of companies moving to Cyprus reflect the island’s strong economic and geographical position, it also translates increase competition. It becomes even more crucial for BSM to stay ahead in terms of minimum loss time, vessel availability and top quartile in safety.”