Press Releases

It is with immense pleasure that I address this evening’s annual official dinner organised by the Cyprus Shipping Chamber. It is a great opportunity to connect, engage, and exchange ideas about shipping, an industry you worthily and proudly represent.

Let me start by extending my sincere appreciation to the esteemed Board of Directors of the Cyprus Shipping Chamber and its members for their unwavering and invaluable contributions to the economy and society of Cyprus. Over the years, Cyprus has earned an impressive reputation on the global shipping map. Your contribution has been undeniably instrumental in this achievement. The Cyprus Shipping Chamber is a reliable, valuable partner, and I would like to once again express my deep appreciation, and that of the Government, for your dedication and efforts.

We have a common goal: enhancing the competitiveness of our maritime industry and promoting sustainable economic growth. And the fulfillment of this goal requires an honest, constructive and productive relationship through seamless cooperation between the public and private sectors. We have achieved remarkable progress together, anchored on these tenets, and there are no boundaries to what we can achieve together, to opening new frontiers.

We are proud of the continuous growth of Cyprus shipping, a success largely due to our cooperation. I am very confident that this strong partnership will continue to thrive and bring even greater results in the future.

2025 is expected to be another challenging year for international shipping. As you are well aware, the pressure on the industry is immense. Yet we know all too well that challenges can be a fertile ground for opportunity to grow and thrive.

In recent years, and especially over the past two years, we have witnessed significant geopolitical developments worldwide. Russia's invasion of Ukraine, the war in Gaza, the Houthi attacks disrupting cargo transport through the Suez Canal, just to name a few, have impacted international shipping. An industry that, due to its global character and particularities, remains inherently vulnerable to geopolitical and politico-economic developments, highlighting the need for resilience and adaptability.

At the same time, the challenges of decarbonising the sector, advancing digitalisation and addressing the shortage of qualified personnel in maritime transport have added further strain to the shipping industry. In the face of these challenges, international shipping must remain resilient and continue to adapt and grow.

Our government fully recognises the new, ever-evolving environment, and stands ready to meet the challenges ahead. We will continue to steadfastly support our shipping industry, as well as your efforts towards sustainable growth. In this context, we actively contribute to the work of the International Maritime Organization, while collaborating closely with our fellow European Union (EU) member states to safeguard the competitiveness of European shipping. I am adamant that the scale and complex nature of the challenges we face can only be effectively addressed through multilateralism, collective effort and cooperation.

Cyprus shipping has grown impressively over the past two years. As a result, in the last 16 months, the Cyprus ship registry has expanded by 18% in terms of gross tonnage, reaching its highest point since the establishment of the Shipping Deputy Ministry in March 2018. Moreover, the number of companies registered under the Cyprus Tonnage Tax System has also increased by 15% during the same period.This notable growth has gone hand in hand with the growth in the Cyprus economy over the past two years, as reflected in the successive upgrades by major rating agencies, the result of the Government’s prudent fiscal policy. This policy that brings stability in the financial sector and the continuous and determined reforms which we have undertaken. This is the path we will continue to walk with confidence and determination.

Within this context, enhancing the competitiveness of Cyprus shipping remains high in our priorities. We are committed to further strengthening both the framework governing the services provided by the Deputy Ministry of Shipping as well as Cyprus’ role in global maritime affairs. In this context, and as part of our commitment to the green and digital transition, the digitalisation of services of the Deputy Ministry of Shipping is progressing. In fact, we are set to launch the first digital services by the end of May 2025.

Furthermore, a new initiative has been launched under the flagship projects of the Deputy Ministry of Shipping, focusing on developing policies to further expand and attract services related to Cyprus shipping. This initiative places particular emphasis on services related to technology, research and innovation, and pleasure yachts.

My presence here today reflects the importance that both I, personally, and my government, place on shipping. I wish to take this opportunity to assure you that our support will not only continue, but will be further strengthened through concrete actions, driven by our ongoing dialogue with you. I am confident that the exceptional collaboration and close partnership between the Government and the Cyprus Shipping Chamber will continue to flourish, paving the way for further achievements and a sustainable, prosperous future.

Prior to concluding, I would like to extend my warm congratulations to Mr Alexis Iosifides on his appointment as the new Director General of the Cyprus Shipping Chamber, and wish him every success in his new role.

I also want to take this opportunity to pay special tribute to my friend, Thomas Kazakos, the newly appointed Secretary General of the International Shipping Chamber.

Dear Thomas, your invaluable contribution as Director General of the Cyprus Shipping Chamber for over 30 years has been instrumental in the growth and success of Cyprus shipping. I congratulate you on your appointment to this esteemed new position, which is also a source of great pride for our country as a maritime nation. As a token of appreciation, on behalf of our government, please accept this sculpture by Filippos Yiapanis, symbolising the journey toward the horizon, the pursuit of excellence, a path of continuous progress and achievement.  

(RM/MS/AS)