Cyprus Shipping: New Challenges and Prospects

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Cyprus Shipping is experiencing new challenges and prospects, highlighted by Mr. Alecos Michaelides, Permanent Secretary of the Ministry of Transport, Communications, and Works. The contribution of shipping to Cyprus's economy is significant, with a 7% share of GDP and 4,500 ashore employees in the industry. The Cyprus Registry of Ships ranks 10th globally and 3rd in the EU, boasting 1,000 ocean-going vessels with approximately 23 million gross tonnage. The development of the Cyprus fleet from 1963 to 2015 showcases steady growth in gross tonnage and the number of vessels. The sector benefits from fiscal and economic incentives, competitive ship registration costs, annual tonnage taxes, and a Comprehensive Tonnage Tax System. Cyprus' Tonnage Tax System is approved by the European Commission and provides a stable fiscal environment for shipping entrepreneurs. Active participation in international shipping fora further enhances Cyprus's standing in the global maritime industry.

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Cyprus Shipping: New Challenges and Prospects Mr Alecos Michaelides Permanent Secretary Ministry of Transport, Communications and Works

Cyprus Shipping: New Challenges and Prospects Contribution of Shipping to the economy of Cyprus: 7% of GDP (direct and indirect contribution). 4,500 employed ashore in the shipping industry.

Cyprus Shipping: New Challenges and Prospects Cyprus Registry of Ships: 10th in the world. 3rd in the European Union. 1,000 ocean going ships. Approximately 23 million gross tonnage. Cyprus: A leading international shipping centre.

Cyprus Shipping: New Challenges and Prospects Development of Cyprus Fleet, 1963-2015 30 3,000 Gross Tonnage (Million tons) 25 2,500 Number of Vessels 20 2,000 15 1,500 10 1,000 Gross Tonnage Number of Vessels 5 500 0 0 1963 1968 1973 1978 1983 1988 1993 1998 2003 2008 2013

Cyprus Shipping: New Challenges and Prospects Fiscal and Economic incentives: Competitive ship registration costs and fees. Competitive annual tonnage taxes. 56 double tax avoidance treaties. 23 bilateral agreements on merchant shipping. Comprehensive Tonnage Tax System.

Cyprus Shipping: New Challenges and Prospects Cyprus Tonnage Tax System: Approved by the European Commission as compatible with the Guidelines on State Aid to Maritime Transport. Stable fiscal environment for shipping entrepreneurs. Applicable to: Owners of Cyprus ships, Owners of foreign ships, Charterers, Ship managers.

Cyprus Shipping: New Challenges and Prospects Number of companies in the Cyprus Tonnage Tax System 50 45 40 35 30 Number of companies 25 20 15 10 5 0 2010 2011 2012 2013 2014 2015 Year Ship managers Charterers Owners of foreign ships

Cyprus Shipping: New Challenges and Prospects Active participation in the shipping fora: International Maritime Organization. International Labour Organisation. European Council. European Commission.

Cyprus Shipping: New Challenges and Prospects Cyprus flag: Quality flag. Effective implementation of all internationally applicable standards to shipping. White List of Paris and Tokyo MoUs on Port State Control.

Cyprus Shipping: New Challenges and Prospects New Cyprus Shipping Strategy: New branding and promotional campaigns. Re-organisation of Maritime Administration in order to: improve quality of services, improve responsiveness. Simplified procedures. e-services: registration of seafarers, recognition of Certificates of Competency.