Shipping minister wants Cyprus ahead of the curve

Cyprus' shipping sector must be competitive, strong, resilient to crises and to anticipate challenges and new trends, Shipping Deputy Minister, Marina Hadjimanolis, said on Thursday, adding that the government has an ambitious vision for shipping.

Speaking at the 1st "CSN Cyprus Marine Insurance Conference" organized in Limassol by Cyprus Shipping News, on the subject of financial and legal challenges in shipping, Hadjimanolis said that shipping represents an invaluable capital for Cyprus, with significant political and economic advantages, noting that "our vision is to further develop our shipping complex so that all companies belonging to the shipping sector in Cyprus can enjoy a full range of quality services, both from the public and private sectors".

At the same time, she indicated that, despite the illegal Turkish embargo, the Cyprus Ship Register has developed and today is considered important, with a strong voice and role in the international and European maritime scene.

The Deputy Minister added that more than 200 shipping companies are currently based in Cyprus, covering a wide range of services, while in the last decade there has been a significant increase in the number of companies registered under the Special Tax System governing Cypriot shipping, up from 95 to 350.

She also reminded that the Deputy Ministry is in the process of creating a one-stop service framework, through its digital transformation, while the implementation of the Limited Liability Shipping Company Law is expected to improve the competitiveness of the Cypriot flag in international shipping, and also to simplify the procedures and the operational status of Cypriot shipping companies, with ships under the Cypriot flag.

In relation to the green transition and the need for decarbonisation of shipping, she indicated that Cyprus supports the shipping industry towards this goal, through green tax incentives for ship owners and ship operators, encouraging Cypriot-flagged ships to use alternative fuels, such as biofuels and hydrogen.

"Cypriot shipping must be competitive, strong, crisis-resistant and proactive to challenges and new trends. We have an ambitious vision and clear goals for Cyprus Shipping and we are determined to further strengthen Cyprus' position in global shipping", concluded Marina Hadjimanolis in her address.