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20 June, 2024
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Cyprus adapts to changing seas

Deputy Minister's efforts propel Cyprus as a top choice for ships amidst international changes


In response to European sanctions on Russian shipping companies based in Cyprus and developments in the Mediterranean and the Red Sea, Cyprus is actively seeking to attract new companies from different markets.

According to a report by Andreas Karamitis, published in Kathimerini's Sunday edition, Shipping Deputy Minister Marina Hadjimanolis has undertaken strategic trips to promote Cyprus' maritime cluster and the features of its flag. She has engaged with banks, shipowners, charterers, trading houses, shipyards, and shipping companies in Japan, emphasizing the advantages of the Cypriot registry. Despite challenges from Turkish and Russian lobbies, Cyprus secured a seat on the Council of the International Maritime Organisation (IMO), enhancing its international image.

In the USA, Hadjimanolis met with Royal Caribbean's Managing Director, Michael Bayley, reinforcing relations and presenting the benefits of registering ships in Cyprus. In Greece, where the shipping market is crucial globally, Cyprus is making efforts to attract Greek shipping companies, highlighting the appeal of its registry for modern, innovative, and environmentally friendly vessels. The upcoming Posidonia maritime exhibition in Athens will feature a Cypriot pavilion, facilitating potential business meetings.

Amidst Russian sanctions, Cyprus has successfully navigated challenges, especially in the UAE, where efforts by former Shipping Deputy Minister Vassilis Demetriades and the Cyprus Chamber of Shipping have resulted in compensatory measures. Cyprus aims to ensure better conditions for the European fleet, making it easier for Cypriot shipping to enter UAE markets. The UAE's interest in acquiring a modern, quality register aligns with the green transition, indicating potential growth in chartering modern ships under the Cypriot flag. This comprehensive effort aims to bolster Cyprus' GDP and maintain the qualitative characteristics of its flag amid geopolitical uncertainties.

Cyprus  |  shipping  |  economy

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