The fleet of ocean-going ships under the Cypriot flag has seen its first increase after two years, following a period of decline due to geopolitical tensions affecting global shipping, stated Deputy Minister of Shipping Marina Chatzimanoli.

Speaking at the International Business Forum organized by the Cyprus International Business Association (CIBA) in Limassol, Ms. Chatzimanoli highlighted that after the increase in geopolitical tensions following the war in Ukraine and the obstacles to free navigation by the Houthis, challenges may evolve and persist, leading to further disruptions this year.

Ms. Chatzimanoli emphasized that the continuous upgrading and enhancement of services provided by the Deputy Ministry of Shipping are among the main priorities set by the government of Nikos Christodoulides from the beginning, adding that they are very satisfied with the results.

Specifically, she noted that during the first six months, a 5.5% increase in the fleet of ocean-going ships under the Cypriot flag was achieved after two years. She also mentioned that the number of companies registered in the tonnage system increased by 14%, reaching 420.

At the same time, the Deputy Minister of Shipping mentioned that the advisory committee on the competitiveness and quality of the Cypriot registry and the advisory committee on the competitiveness of the Cypriot shipping cluster have already been established with the aim of continuous improvement and enhancement of the competitiveness of the Cypriot flag and Cypriot shipping more broadly. Simultaneously, the one-stop service center (One-Stop Shop) began its operations last November, aiming to provide quality services to all shipping businesses and companies whose activities are related to shipping and are based in Cyprus.

She also reminded that following a decision by the Council of Ministers, from January this year, the annual tonnage tax for ships registered in the Cypriot registry will be reduced by up to 30% for each ship that implements substantial greenhouse gas reduction measures, "thus ensuring that shipowners are rewarded for their efforts to decarbonize the shipping sector."

Ms. Chatzimanoli pointed out that global shipping is at a critical juncture, marked by significant challenges such as green fuels, technology, autonomous shipping, combined with green financing.

"As a leading supporter of sustainable shipping, we believe that comprehensive and differentiated measures are needed at both international and regional levels to achieve emission reduction goals and ensure a sustainable future for the industry," she concluded.