Newsroom / CNA
President Nikos Christodoulides addressed the Maritime Cyprus 2023 Conference in Limassol, highlighting Cyprus as a major ship management center in Europe and worldwide. He emphasized the government's commitment to the maritime sector as a key driver of economic growth in Cyprus. The Cyprus Ship Registry, ranking 11th globally and 3rd in the EU, plays a significant role in the industry. Over 250 shipping companies, engaged in various maritime activities, are based in Cyprus.
The President also noted the recent double upgrade of Cyprus' credit rating by Moody's and its return to investment grade, indicating positive prospects for the shipping sector. Cyprus has been actively involved in the International Maritime Organization (IMO) since 1987, with strong influence in decision-making.
President Christodoulides expressed concern over Turkey's interference with Cyprus-flagged or connected ships participating in the Black Sea Grain Initiative. He called for Cyprus' involvement in providing transportation services for foodstuffs and fertilizers within the Initiative.
Cyprus is committed to decarbonization goals, offering tonnage tax reductions of up to 30% to ship owners utilizing environmental preservation mechanisms. The country is also streamlining administrative procedures, transitioning towards a paperless Maritime Administration, and establishing a one-stop-shipping center to serve the industry more efficiently. This center is set to begin operations in November in Limassol.
Furthermore, Cyprus is dedicated to promoting gender equality and diversity in the maritime sector, participating in the IMO International Day for Women in Maritime and nominating Despina Theodosiou for the IMO Gender Equality Award to underscore its commitment to this cause.
