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Cyprus: Study underway on shipping strategy

Date: 10/03/2015

The transport ministry and the Cyprus Shipping Chamber (CSC), CIPA and other organisations have commissioned a study on a strategy for the island’s shipping industry.

According to President Nicos Anastasiade, who addressed a CSC event on Friday night, the study “to take Cyprus shipping into the future” was nearing completion.

Anastasiades said he was grateful to the shipping industry, which had managed to help support the economy through the crisis. The sector had managed to escape the brunt “through fully utilising the comparative advantages Cyprus offers to the shipping industry”.

These included competitive ship registration costs and annual tonnage taxes, a favourable tax regime for ship management and other international business enterprises, and generally low operational and construction costs, coupled with Cyprus’ strategic location, and highly qualified and professional workforce.

“During the past two years when our country had to sail through some rough financial storms, the resident shipping industry proved, beyond doubt, to be a crucial part of our economy and has managed to continue projecting Cyprus as a reliable maritime centre, demonstrating that the shipping operational and taxation infrastructure in Cyprus and the Cyprus flag remained intact, fully operational and very competitive,” the President said.

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