Maritime Cyprus looks to shipping future, journey of change
Source: Financial Mirror
Cyprus is determined to climb the ladder of maritime centre world rankings, by enhancing digital transition, aspiring to become a cruise hub, reskilling seafarers and encouraging women to join the workforce.
In his opening address at the ‘Maritime Cyprus 2025’ conference in Limassol on Monday, President Nikos Christodoulides said the government attaches great importance to shipping, “a recognition that shipping is one of the main drivers of economic growth in our country, boasting significant and tangible growth potential.”
“This year’s theme, ‘Unlocking the Future of Shipping’, captures the moment we are in – one of complex challenges. And yet, it also aptly captures this resilient industry’s constant, timeless drive to transform the moment into opportunity,” he said.
“Today, Cyprus has one of the largest fleets in the world and a dynamic maritime cluster, hosting hundreds of companies engaged in the full range of maritime and maritime-related activities.”
Christodoulides said that over the last two years, the exposure of Cyprus shipping has grown impressively: the Ship Registry has increased by 20% in terms of gross tonnage, reaching its highest point in 20 years; the number of companies registered in the Tonnage Tax System has increased by 15%; and, the ship management sector’s contribution to the island’s gross domestic product (GDP) increased by 27% since 2023.
“Within the framework of our commitment to digital transition, the digitalisation of the services of the Shipping Deputy Ministry is constantly progressing. I am very pleased to announce that we are ready to launch the first services next week.
“Additionally, the government approved the National Strategy for Cruise Tourism last October. The first stage of the implementation of the strategy has been completed, and soon a targeted Action Plan will be developed. Our goal is to boost Cyprus’ footprint as an attractive and competitive cruise destination.”
Journey of change
The president added that the entire shipping industry has embarked on a profound journey of change, defined by two transformative challenges: automation and decarbonisation.
“At the same time, there is a compelling need to tackle the shortage of qualified personnel in maritime transport and, of course, to develop the necessary framework for reskilling and upskilling of the workforce.
“Through proactive measures, ongoing consultations, international cooperation, and the agility to seize opportunities, the shipping sector will emerge even stronger. But this can only happen through more robust collaboration between government and stakeholders in the maritime industry, united behind the common objective of sustainable growth.”
Christodoulides said that an indispensable component of this effort is the full support of the work of the International Maritime Organisation (IMO), represented at the Maritime Conference by its Secretary-General, Arsenio Dominguez, a tradition that dates back to the first Maritime Conference in 1989.
The president declared that Cyprus will continue contributing to the mission of the IMO, elected to its Council since 1987.
“Soon, Cyprus will be depositing to the IMO the Instrument of Accession of the Republic of Cyprus to the 2009 Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, contributing to strengthening the legal framework regulating ship recycling.”
With Cyprus assuming the Presidency of the Council of the European Union on January 1, Christodoulides concluded that, “shipping, and safeguarding the EU’s maritime transport competitiveness, is an indispensable component of our efforts to strengthen the Union’s competitiveness and will be among the priorities of our Presidency.”
Public, private collaboration
In her address, Shipping Deputy Minister Marina Hadjimanoli acknowledged the presence of EU Commissioner for Sustainable Transport and Tourism, Apostolos Tzitzikostas, as well as her maritime counterparts from India, Qatar, Bahrain, Greece, Poland and Malta.
She said the success story of Cyprus shipping is rooted in the close collaboration between the public and private sectors, working together to enhance competitiveness and quality. Partnerships with the Cyprus Union of Shipowners and the Cyprus Shipping Chamber, co-organisers of the aritime Cyprus conference, together with a powerful industry, exemplify this productive collaboration, demonstrating that collective effort and mutual respect, are the cornerstones of enduring success.
“Cyprus shipping is not only about fleets or vessels – Cyprus shipping is about the people. The most valuable and strongest component of Cyprus shipping. Our talented, dedicated, and professional workforce, which define the strength of our industry.”
Looking ahead to the Cyprus Presidency of the EU Council of the European Union, Hadjimanoli said that, “the competitiveness of the maritime industry will be amongst our priorities.”
She said that in April 2026, an Informal Ministerial Meeting for maritime affairs is scheduled to take place, where a declaration on the seafarer’s education and the promotion and enhancement of women inclusivity in the industry is expected to be adopted.
“This declaration will represent a shared European commitment to ensure that the next generation of seafarers, both women and men, are empowered, equipped, and encouraged to lead.”
Cyprus will also host the European Maritime Day on May 21-22, reinforcing the island’s active role in shaping the future of European and global shipping.
Speaking earlier at the 12th London International Shipping Week in September, the junior minister for shipping has said that with the maritime sector contributing more than 7% to the country’s gross domestic product (GDP), Cyprus has developed as one of the largest and leading ship and crew management centres in the world, in terms of the number of ships being managed and the number of seafarers being employed.
Limassol hub
Limassol, the heart of the Cyprus maritime cluster, hosts more than 250 companies offering shipping and shipping-related services, from ship ownership and ship management to shipping insurance, shipping finance, brokerage, bunkering, technological solutions for vessels and shipping companies, training centres and maritime academies.
“Over the last 21 months, we have seen a 20% increase of the ship registry in terms of gross tonnage, while, at the same time, the safety records of the Cyprus flag remain high, being in the White List of Paris and Tokyo MoU.
“The stable taxation system, the high level of ship safety, the zero registration and mortgages fees, the simplified and speedy procedures, the specialised knowledge and experience of human resources, and the 24/7 service constitute a competitive and attractive framework of services and advantages provided by our ship registry.
“Furthermore, there are no restrictions on the nationality of the seafarers, while Cyprus-flagged ships are due to a 28% discount on port fees when calling Chinese ports.”
Hadjimanoli added that as of January 2024, shipowners of Cyprus and EU ships are eligible for a 30% reduction in annual tonnage tax for each vessel that shows proactive measures in minimising their environmental footprint, thereby incentivising sustainable shipping practices.
“These measures form part of our general efforts for promoting sustainable shipping practices which will bring the industry one step closer to the green transformation,” she concluded.
The original article: belongs to Financial Mirror .
