articles | 12 September 2023

Cyprus shipping prowess showcased at London event

Deputy Minister of Shipping Marina Hadjimanoli on Monday afternoon addressed an audience of international stakeholders at a London event, held during International Shipping Week, where she highlighted the advantages that Cyprus offers to shipping companies based on the island.

The Deputy Minister emphasised that Cyprus, with its strategic location at the crossroads of three continents, its streamlined and effective regulatory framework, attractive tax incentives, high-quality services, and cost-effective business environment, stands as an ideal hub for companies seeking growth and excellence. With a particular focus on the shipping sector, Hadjimanoli identified four pivotal factors that, in her perspective, companies within the industry seek when choosing a location, all of which Cyprus capably provides. These include a favourable tax regime and incentive package, a rich history and safe fleet conditions, top-tier and expedited services, and a proactive approach to addressing challenges and crises.

Discussing incentives, Hadjimanoli detailed an encompassing package of both direct and indirect financial incentives tailored to the shipping sector, underpinned by the competitive tonnage tax system. She also underscored the remarkable growth in the number of companies opting for Cyprus’ tax system, surging from 95 to approximately 400, with 250 shipping companies now being based in Cyprus.

Turning to the renowned quality and assurance of service and professionalism offered internationally by the Cypriot flag, Hadjimanoli celebrated Cyprus’ ascent to the 8th position globally based on relevant fleet inspection memoranda, a significant leap from the 13th position in 2022. Regarding services, she acknowledged the ongoing measures implemented by the Deputy Ministry to simplify procedures and reduce bureaucratic hurdles. Furthermore, she emphasised the ongoing digital transformation of services and processes, aimed at establishing a centralised one-stop centre offering all shipping services.

Highlighting Cyprus’ effective response to crises and challenges, Hadjimanoli commended Cypriot shipping’s active and cooperative role during the Ukraine war and its commitment to the transition to environmentally sustainable “green” shipping. She also noted Cyprus’ success in attracting more seafarers to the profession. Hadjimanoli concluded her presentation by expressing her firm belief that Cypriot shipping is firmly positioned to continue its development and lead the way into a promising new era. 

The significance of Cyprus in the realm of international shipping was further underscored by exclusive statements from both the outgoing and incoming Secretary Generals of the International Maritime Organisation (IMO), who talked to the Cyprus News Agency (CNA) during the same event. Kitak Lim, hailing from South Korea and concluding his eight-year term at the IMO at year’s end, lauded Cyprus as one of the IMO’s most pivotal members. In addition, he praised Cyprus’ contributions to the organisation on both political and technical fronts, characterising it as a remarkable contributor. Lim also highlighted Cyprus’ gradual expansion of shipping activities worldwide, dubbing it one of the most remarkable success stories in shipping. He expressed pride in collaborating with the Cypriot government, as well as strong confidence in Cyprus’ continued growth and contributions on national and global scales.

Taking the wheels from Lim in the new year, Panamanian Arsenio Dominguez extolled Cyprus as a genuine maritime nation. He commended Deputy Minister Hadjimanoli’s speech, which not only underscored Cyprus’ significant contributions to the IMO’s work but also the high standards set for the Cypriot fleet.

Finally, Dominguez also highlighted the international recognition of Cyprus’ status, through various international ship inspection memoranda, including those from Paris and Tokyo.

Source: Cyprus Mail

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