Cyprus' shipping sector must become competitive, strong and resilient to crises, Shipping Deputy Minister, Marina Hadjimanolis, stated on Thursday. She added that the government has an ambitious vision for the shipping industry, while the latter should be prepared for future challenges and adjust to new global trends.

Speaking at the 1st "CSN Cyprus Marine Insurance Conference" which was organized by Cyprus Shipping News in Limassol, Ms. Hadjimanolis discussed the financial and legal challenges that the industry currently faces. She noted that shipping is an invaluable asset for Cyprus, offering significant political and economic advantages and explained that the government's vision is to further develop the shipping network so that all shipping sector companies in Cyprus can enjoy a full range of quality services; provided from both the public and private sector.

In addition, Ms. Hadjimanolis pointed out that despite the illegal Turkish embargo, the Cyprus Ship Register has grown in recent years and is now considered a key player in the international and European maritime scene. More than 200 shipping companies are currently based in Cyprus, covering a wide range of services. In the last decade, there has been a significant increase in the number of companies registered under the Special Tax System -Cypriot shipping operates under that-, from 95 to 350 companies.

Moreover, she said that Cyprus has made significant progress in simplifying procedures and reducing bureaucracy, in an effort to improve its environmental footprint and provide a more flexible, efficient and customer-centric service that will continue to boost the Cyprus Shipping Register’s  attractiveness.  

Furthermore, the Deputy Minister revealed that the Ministry is in the process of creating a one-stop service framework through its digital transformation. The implementation of the Shipping Limited Liability Company Law is expected to improve the competitiveness of the Cypriot ship flag in the international shipping arena and upgrade the operational status of the Cypriot companies. 

Regarding the shipping procedures’ green transition and decarbonization , the Deputy Minister highlighted that Cyprus supports the shipping industry towards this target through green tax incentives for ship owners and operators. The government is also encouraging Cypriot-flagged ships to use alternative fuels, such as biofuels and hydrogen.

"We expect, she added, that the steps we take to strengthen competitiveness, the quality of maritime education and the promotion of innovation will contribute to our vision to successfully develop our maritime cluster, both in terms of size and range of quality activities."

In conclusion, Ms. Hadjimanolis reiterated that Cyprus's shipping industry should be competitive, strong, crisis-resistant and proactive in order to tackle challenges and embrace new trends. She emphasized that the government has an ambitious vision and clear goals for Cyprus's shipping industry and is determined to further strengthen the country's position in global shipping.