Press Releases

It is with distinct honour that I address the 32^nd Annual General Meeting of the Cyprus Shipping Chamber.

At the outset, I wish to extend my deep appreciation to the Cyprus Shipping Chamber, the Board of Directors and its distinguished Members, for your invaluable support in our efforts to establish Cyprus as a modern and competitive hub in the shipping industry.

Despite the outbreak of Covid-19, the Shipping Industry showed tremendous resilience and supported immensely the Cypriot economy in 2020.

Our country’s maritime sector managed to maintain its competitiveness and has preserved shipping as one of the main pillars of our economy, with a contribution of approximately 7% to Cyprus’ GDP, significantly enhancing our efforts for the observed recovery and growth of the country’s economy.

And taking this opportunity, I wish to commend the shipping industry for its leading role in efforts to overcome this unprecedented crisis by keeping supply chains open and maritime trade moving, ensuring the timely availability of essential goods and necessary medical equipment and supplies during the pandemic.

It is also with sincere feelings of gratitude that I noted the tangible contribution of the Cyprus Shipping Chamber to our General Health System through various donations, which reflects on the Chamber’s Members’ commitment to ethos and philanthropy.

As I convey my full support to the Deputy Ministry for Shipping, I am pleased to note that since its establishment a number of commendable steps have been undertaken for improving the shipping infrastructure in Cyprus and its services through a well-structured and coordinated strategic plan, including:

1. The successful re-approval of the upgraded Cyprus Tonnage Tax System by the European Commission for another ten years’ period, ensuring a climate of stability and confidence in the maritime industry.

2. The introduction of a number of green tax incentives demonstrating our commitment to green transformation, as well as expressing our readiness to support the industry in its path to decarbonisation by rewarding operations and innovative approaches that reduce the environmental footprint.

3. The further enhancement of the overall promotion of the Cyprus Shipping image and the improvement of the competitiveness of the Cyprus Registry by revising its pricing policy and simplifying its ship registration procedures.

4. The overall digital transformation of the services and departments of the Deputy Ministry.

5. The promotion of innovation in the shipping sector and further support to Blue Growth and modern maritime education and training in Cyprus.

6. The inclusion of the Cyprus Flag in the "Qualship 21" list of the US Coast Guard, which further establishes the Cyprus Registry as one of the safest and of high standards in the world.

7. The re-election of Cyprus as a Member of the International Maritime Organisation’s Council, providing our country with the opportunity to continue its active contribution in drafting International Shipping Policy, as well as in promoting the interests of Cyprus Shipping internationally.

Cyprus has a number of comparative advantages that have significantly contributed to establishing our country as one of the most influential global hubs for ship owning and ship management services. Advantages such as, amongst others, our strategic geographical location at the crossroad of three continents, a maritime infrastructure which is constantly being upgraded, a highly qualified and professional workforce, a stable business environment and a fully international and EU harmonised tax and legal system, to name a few.

Despite the financial difficulties due to the pandemic and the fact that the Cyprus shipping sector operates in a continuously evolving and highly competitive global environment, we are proud that our country managed to maintain its position as the 3^rd largest shipping fleet in Europe and the 11^th largest in the world, while representing the largest third-party ship-management Centre in Europe.

Rest assured that we will continue to place priority in further consolidating and improving the competitiveness of the Cyprus flag and our maritime cluster, in order to remain resilient to future crises and proactive to new challenges and trends.

To this end, I wish to recall that during the pandemic, the Shipping Deputy Ministry, among other measures, strongly supported the resident shipping industry by granting extensions concerning payments to the Cyprus Registry Maintenance Annual Fee and the Tonnage Tax with respect to Cyprus ships, while it facilitated from the very beginning the complex issue of repatriation of shipping personnel.

Currently, the Deputy Ministry is formulating a long-term strategy for Cyprus shipping, so as to adjust our sails towards a sustainable, more extroverted and adaptable Cyprus shipping cluster.

At the same time, the implementation of necessary structural reforms for the development of key economic sectors, including Shipping, such as through various incentives related to green and digital economy, constitutes some of the most important priorities set in the Government’s Economic Recovery and Resilience Plan.

While wishing you every success in the deliberations of your Annual General Meeting, I would like to convey, yet again, my sincere thanks to all of you, for your support and loyalty to Cyprus shipping and our Flag, especially for “staying on board”in times of crisis.

In concluding, I would like to once more extend my genuine appreciation to the Cyprus Shipping Chamber for your positive contribution, your ongoing trust and your continuous support.

It would be an omission on my behalf if I failed to sincerely thank President Philippos Philis, who I understand is completing his presidency term, for our close and fruitful cooperation. 

Dear Friends: “Keep Navigating Cyprus Worldwide”.

(RM/ΕΚ/ECHR)