Photo: 68064167 / Flag © Stefan Andronache |

Cyprus is an attractive maritime centre which influences positive changes in the global shipping.

The last five years since the creation of the Deputy Ministry of Shipping significant achievements and actions have been implemented, which contribute to the further development of Cyprus Shipping.

The Cyprus-flag has improved its competitiveness in international shipping and simplified the procedures, and the operating regime of Cypriot shipping companies. With regard to the Cyprus-flagged fleet, and despite the implementation of EU sanctions against Russia, which resulted in deletions amounting to 2m of gross tonnage, the Cypriot registry proved resilient, resulting in a significant number of entries.

There was also a significant increase in companies that fall under the Special Tax System governing Cyprus Shipping. Specifically, over the last 10 years, the number of shipping companies has tripled, from 97 companies in 2012 to 302 companies in 2022, with the largest increase observed in the last 5 years with the creation of the Deputy Ministry.

On the occasion of the completion of 5 years since the creation of the Deputy Ministry of Shipping, the Deputy Minister of Shipping Vassilis Dimitriadis, in the context of a press conference and an event that followed, noted the main achievements and the valuable work achieved in Deputy Ministry, especially during the last 2.5 years at the helm of the Deputy Ministry.

One of the key points of his speech was the significant increase which was recorded in the revenues of the Deputy Ministry, as from 11.57 million euros recorded in 2017, revenues in 2022 amounted to 15.6 million euros. Furthermore, emphasis was given to the creation of stable conditions for shipping companies operating or planning to operate in Cyprus and/or registering vessels in the Cyprus registry, with the re-approval of the Fiscal regime governing Cyprus Shipping by the European Commission, as well as providing further attractive incentives to strengthen the competitiveness of Cyprus Shipping.

A framework has also been created for Cyprus to become a Center for Arbitration and Mediation of maritime disputes.

The Cyprus-Greece Sea Passenger Connection became also a reality after 21 years, as a result of a successful renegotiation of the terms of the approval secured by the European Commission for a state subsidy, as the Deputy Minister noted.

As the Deputy Minister of Shipping said, “In the two years of the pandemic, Cyprus took the lead by facilitating crew changes and the repatriation of more than 65,000 seafarers, while a national vaccination coverage program for 40,000 seafarers was adopted and successfully implemented. Cyprus received praise from the global shipping industry for supporting seafarers, while turning the crisis into an opportunity, with world-class cruise ships including Cyprus in their itineraries with huge benefits for the country’s economy”.

During the press conference, among other key actions of the Cyprus Deputy Ministry of Shipping, it was highlighted the fact that the level of safety and protection of ships, under the Cyprus flag, was strengthened with preventive actions and a continuous education and training program for the Ship Inspectors of the Deputy Ministry.