The European Community Shipowners’ Associations (ECSA) have endorsed the European Commission’s new Competitiveness Compass, viewing it as a fundamental initiative for enhancing competitiveness and fostering open trade.
The EU’s Competitiveness Compass, launched in January 2025, addresses productivity concerns and aims to maintain Europe’s leadership in sustainable innovation and climate neutrality.
Built on innovation, decarbonisation, and security pillars, it focuses on regulatory simplification, single market benefits, investment, skills, and policy coordination.
The ECSA has noted that the compass is particularly significant for the shipping industry, which facilitates around 76 per cent of the EU’s international trade and plays a critical role in securing Europe’s energy, food, and supply chain security.
The association noted that the compass acknowledges the indispensable role of shipping within the European economy, building on the Draghi report’s recommendations to maintain the international competitiveness of European shipping.
It calls for enhanced measures to mitigate investment risks and significantly accelerate the adoption of renewable and low-carbon fuels as part of a new Sustainable Transport Investment Plan (STIP).
Additionally, it aims to simplify business processes, significantly reducing administrative burdens by at least 25 per cent for all companies and 35 per cent for SMEs, which are vital to the industry.
Sotiris Raptis, ECSA Secretary General, expressed his support for the European Commission’s Competitiveness Compass.
“The Competitiveness Compass highlights that Europe’s security depends more than ever on our ability to innovate, compete and grow,” he said.
“It also lays out a pathway to a competitive industry by closing the innovation gap and by investing in clean tech and clean fuels,” he added.
He also explained that “the shipping sector is an essential part of our economy’s energy transition.”
“We welcome today’s explicit recognition of shipping as a key sector to Europe’s growth and the commitment to scale up the production of clean fuels for shipping under the upcoming Sustainable Transport Investment Plan,” Raptis continued.
Raptis further noted that “shipping is a cornerstone of our continent’s security, moving around 76 per cent of the EU’s external trade and carrying the energy, food, and goods that European citizens need for their daily life”.
He also said, “We support today’s reference to open trade as a key driver for EU’s prosperity, resilience, and growth.”
While the Competitiveness Compass sets the stage for strengthening European shipping, national initiatives are equally vital in driving progress.
The Cyprus Union of Shipowners has been proactive in hosting key events, such as the 8th Annual Capital Link Cyprus Shipping Forum scheduled for February 18, 2025, in Limassol.
These events emphasise Cyprus’ strategic importance in the maritime industry and its ambition to be recognised as a top-tier global shipping hub.
Moreover, Cyprus is actively enhancing its role as a pivotal player in the global shipping industry, evidenced by the registration of 170 new ships in 2024, which significantly increased the tonnage of its national registry.
The Shipping Deputy Ministry of Cyprus has set ambitious goals for 2025, which include advancing maritime education, furthering digitalisation, and promoting diversity within the industry, particularly encouraging women to pursue maritime careers.
These efforts align with broader European objectives to enhance competitiveness and resilience in the shipping sector.
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