Cyprus Mail
Business Cyprus

Cabinet green lights plan for ship upgrades

Deputy Minister of shipping Natasa Pilides (CNA)

The cabinet on Monday authorised deputy ministry for shipping to come up with an incentives plan that would help Cyprus-flagged cruise companies which carry over 1.5m tourists per year to upgrade their vessels.
Shipping Deputy Minister Natasa Pilides told the press after the meeting that upgrading would allow vessels to reduce pollutants, and provide assistance to passengers with mobility issues so that they can better access ships, among other benefits.

The plan will come into force in September 2019 and €1m per year for three years has been allocated and it provides for up to 60 per cent cost coverage. Pilides said that companies should submit their applications to her ministry for assessment. The plan must be approved by the office of the commissioner for state aid control.

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