Filenews 2 March 2025
Cyprus shipping continues to grow dynamically, based on a strong, quality and modern registry, as well as targeted strategic actions.
One of the most important objectives was to strengthen the Cyprus Registry, which recorded an 18% increase from September 2023, marking the highest level since the establishment of the Shipping Deputy Ministry. At the same time, it maintained its position on the White List of the Paris and Tokyo MoU memorandums, confirming its high safety and quality standards.
Cyprus shipping has strengthened its tax competitiveness, with companies joining the Tonnage Tax System increasing by 15% from 2022 to 2024. At the same time, in 2024, applications for tax reductions due to environmental incentives increased sharply, from 19 in 2023 to 71 in 2024.
Important initiatives, such as the establishment of advisory committees and the Committee for the Prevention of Marine Pollution, have contributed to the development of the maritime sector. Cyprus also strengthened its international presence, actively participating in the IMO, EU and ILO maritime forums, while it was re-elected to the Council of the International Maritime Organization (IMO) for the period 2023-2025. In April 2024, we hosted the first Commonwealth Ocean Ministerial Meeting, promoting international cooperation to protect the seas.
In the context of extroversion, Cyprus had strong representation at leading shipping exhibitions and conferences in centers such as Athens, London, Brussels, Tokyo, Hong Kong, Genoa, Qatar and Dubai. Despite the geopolitical challenges, Cyprus has strengthened its bilateral relations, signing Memoranda of Understanding with countries such as Montenegro and Oman, while discussions with Qatar, Saudi Arabia and Malaysia are progressing.
In addition, the National Maritime Spatial Plan was approved to promote sustainable development, while the Cyprus-Greece Maritime Passenger Link Agreement was extended until 2027. We also coordinate, through the Interministerial Committee and the Cruise Tourism Development Committee, the implementation of the National Strategy for Cruise Tourism in Cyprus.
In 2025, Cyprus will host the international maritime conference "Maritime Cyprus 2025", confirming its position as a world-class maritime hub.
With targeted actions and innovative initiatives, Cyprus shipping continues to grow dynamically, based on strong foundations and international recognition.
EVALUATION OF THE DEPUTY MINISTER OF SHIPPING
Silent and well-travelled
By Evagoras Prokopiou
Geopolitical conditions directly affect global shipping around the world and especially in the region. This, as the data shows, "suited" the shipping industry in Cyprus in general. The Deputy Minister has strengthened Cyprus' diplomatic representation on the international shipping scene, strengthening relations with major shipping markets and promoting the country as an attractive shipping hub. However, challenges such as geopolitical instability, regulatory changes and fierce international competition require continuous strategic adjustment.
The Deputy Minister of Shipping, Marina Chatzimanoli, seems to have managed to take advantage of the circumstances and set the Cyprus flag even higher as far as shipping is concerned. Over the past two years, under the leadership of the Deputy Minister of Shipping, Marina Chatzimanoli, Cyprus shipping has experienced remarkable growth and strengthening of its international position. Specifically, the fleet of Cyprus-flagged seagoing vessels showed an increase of 5.5% or approximately 1.1 million tons in the last six months, reversing a two-year downward trend very significant.
At the same time, the number of shipping companies that joined the European Union-approved tonnage tax system increased by 14% in the last year, reaching 420 companies. The Deputy Minister actively promoted international cooperation, making official visits to countries such as Oman and Qatar, with the aim of strengthening bilateral relations in the shipping sector and promoting sustainable development.
In addition, Cyprus maintained its position as a reliable and quality shipping flag, ranking 11th worldwide and 3rd in the European Union, with 1,699 vessels with a total tonnage of 22.8 million tons. Overall, this period is characterized by strategic initiatives that have enhanced the competitiveness and quality of Cyprus shipping, making Cyprus a major player in the international shipping scene. However, the Deputy Minister should not be complacent, because with Trump's ambitions to transfer the trade war he is waging to shipping, we may have some layoffs in the near future.
