President Nikos Christodoulides on Tuesday reassured that the government would continue to work towards the sustainable growth of Cyprus shipping while safeguarding the competitiveness of European shipping. “As a small island country with a strong maritime history, we have always relied on policies based on principles and values,” he said. In this context, he added, cooperation between the public and private sectors “is of paramount importance.”

President Christodoulides cited the Deputy Ministry's "positive and very promising results," including a 5.5% increase in the fleet of Cyprus-flagged seagoing vessels and a 14% increase in the number of companies registered in the Cyprus Tonnage Tax System over the last six months.

Addressing the 35th Annual General Meeting of the Cyprus Shipping Chamber in Limassol, the President said that the shipping sector represents 7% of Cyprus’ GDP and significantly contributes to the economy's development. He also highlighted its vital role in the social and political development of the country.

He noted that last year marked 60 years since the establishment of the Registry of Cyprus Ships. During this time, “we have managed to maintain a robust, high-quality ship registry, which ranks third in Europe and 11th worldwide.”

President Christodoulides outlined the competitive and attractive services and advantages provided by the Cyprus ship registry, including a straightforward taxation system, high level of ship safety, full protection for financiers and mortgage lenders, specialized knowledge and experience of human resources, round-the-clock service, and zero registration fees.

Referring to the Shipping Chamber, he said that over the years, it has proven to be an invaluable partner of the Government of the Republic of Cyprus. He noted that the members’ professionalism, dedication, and expertise “have been instrumental in steering our collective efforts towards the continuous advancement of the Cyprus shipping sector.” “Together, we have elevated Cyprus to the forefront of the global maritime landscape,” he added, assuring that the government would continue to work towards the sustainable growth of Cyprus’ shipping while safeguarding the competitiveness of European shipping.

The President acknowledged that shipping, as a global industry, operates in a complex and unique framework and is vulnerable to the volatile geopolitical climate and economic developments, facing numerous and unpredictable challenges. He cited the green and digital transition, the war in Ukraine following the Russian invasion, the war in Gaza, and the global shortage of ship officers as some of the current challenges that can only be tackled through a collective approach facilitating international solutions.

“As a small island country with a strong maritime history, we have always relied on policies based on principles and values,” he reiterated. He emphasized that cooperation between the public and private sectors “is of paramount importance.” Addressing the Chamber members, he stated, “Your contribution is invaluable, and I am confident that through our strong collaboration, we will develop policies and undertake actions that will successfully address existing challenges.”

He also said that, over the years, “Cyprus has evolved into a full-fledged shipping center, combining a prestigious sovereign registry of ships with high safety standards and a domestic shipping industry renowned for its excellent quality services.”

During the past year, the Shipping Deputy Ministry, implementing a priority set by his government, has spearheaded numerous strategic initiatives and innovative actions. These initiatives, he added, aim to upgrade and strengthen the services provided by the Shipping Deputy Ministry, “and we are very pleased with the positive and very promising results.” Among other things, he noted a 5.5% increase in the fleet of Cyprus-flagged seagoing vessels over the last six months and a 14% increase in the number of companies registered in the Cyprus Tonnage Tax System, now totaling 420.

Another achievement he mentioned was the launch of operations at the One Stop Shipping Centre in November, as well as the reelection of Cyprus to the Council of the International Maritime Organization, which he described as “an additional demonstration of Cyprus’ strong voice in shipping in international fora.”

He also highlighted the Council of Ministers' approval of a revised set of green incentives to reward ships demonstrating effective greenhouse gas emission reductions.

President Christodoulides expressed his pleasure at seeing increased participation of women in the maritime industry, noting that the government places great importance on and actively supports gender equality, diversity, and inclusion.

The Gender Equality Award in Cyprus Shipping, he added, is among the government’s many actions to promote gender equality and women empowerment. The award, he said, is bestowed annually to individuals, regardless of gender, who have made significant contributions to advancing gender equality and women empowerment in the maritime sector.

The first award of this kind, he said, was presented on Monday to Despina Theodosiou, who also received the first IMO Gender Equality award as Cyprus's candidate.

President Christodoulides acknowledged that more could be done to advance the country’s maritime industry, including closer cooperation between the government and the industry to enhance effectiveness and productivity.

In this context, he added, further objectives have been set, and certain actions and initiatives are in progress to promote the efficiency of the Shipping Deputy Ministry. Among these is the full digitalization of the services provided by the Shipping Deputy Ministry, which is to be completed by the end of this year.

Meanwhile, President of the House of Representatives Annita Demetriou reaffirmed the Parliament's unwavering commitment to advancing the shipping sector, addressing the 35th Annual General Meeting.

Demetriou highlighted collaborative efforts with all stakeholders to enhance the industry’s growth and sustainability.

"The Parliament has consistently supported all legislative efforts pursued by the Executive to develop specialized regulatory frameworks," Demetriou said. She added that these frameworks are designed to facilitate the establishment of companies under the Cyprus flag and to bolster navigation safety and marine environmental protection.

In her address, Demetriou emphasized the increasing prioritization of shipping and maritime issues within the Parliament's agenda, particularly through international engagements. "We also affirm our readiness to contribute constructively to the forthcoming challenges and trends in the shipping industry and Cyprus's broader maritime sector," she said. She referred to efforts toward the green and digital transformation of the industry, attracting skilled young professionals, and ensuring adequate representation of women in the sector.

Demetriou also pointed out the priority of resuming negotiations on the Cyprus issue within the United Nations framework. She explained that a fair, functional, and viable solution is essential for revitalizing Cyprus's economic sectors, including shipping.

Expressing confidence in the sector's direction, Demetriou praised the strategic vision aimed at transforming Cyprus into a significant contributor to maritime policy and a sustainable shipping hub. "We express our gratitude for your dedication, hard work, and accomplishments," she said, acknowledging the sector’s resilience and growth despite global challenges.

She added that despite complexities arising from the post-pandemic recovery, EU-Russia tensions, the Middle East crisis, and the long-standing Turkish embargo, Cyprus's shipping sector has shown impressive resilience. The Cyprus fleet ranks 11th worldwide and 3rd in the EU, contributing nearly 7% to the national GDP, equating to €623 million in 2023 through ship management alone. The industry also enhances local employment, representing 2% of the workforce, supported by robust maritime infrastructure, a favorable tax regime, and a skilled multilingual workforce.

"The numbers are impressive, highlighting shipping as one of the most successful and dynamic industries on our island," Demetriou noted. She attributed these achievements to the professionalism and commitment of the people and stakeholders within the Cyprus shipping industry.

Demetriou praised the Cyprus Shipping Chamber for its outstanding work over the past 35 years, transforming Cyprus into a credible and high-performing maritime hub.