Cyprus aiming for a competitive and resilient shipping industry, minister says

The Deputy Minister of Shipping, Marina Hadjimanoli, emphasised the importance of competitiveness, resilience, and anticipation of new trends and challenges in the shipping industry.

Hadjimanoli’s comments were made during her speech at the first CSN Cyprus Marine Insurance Conference, which was held in Limassol this week.

At the conference, she highlighted the government’s ambitious vision for the shipping industry in Cyprus and the need to further develop the shipping network of companies of all types in order to provide high-quality services for all stakeholders in the sector.

“Our vision is to further develop our shipping complex so that all companies belonging to the shipping sector in Cyprus can enjoy a full range of quality services, both from the public and private sectors,” Hadjimanoli said.

In addition, she noted that despite the Turkish embargo, the Cyprus Register has grown in importance, with more than 200 shipping companies currently based in Cyprus.

The Deputy Minister of Shipping also discussed the efforts to simplify procedures, reduce bureaucracy, and adopt a paperless shipping administration to increase the attractiveness of the Cyprus Registry.

She added that the government is creating a one-stop service framework through digital transformation and implementing the Limited Liability Shipping Company Law to improve competitiveness and simplify procedures for Cypriot shipping companies.

“We believe that the right way forward is by implementing a holistic approach and turning challenges into opportunities,” the minister said.

“We will continue to do our best to support and strengthen the efforts and goals of our resilient shipping industry,” she added.

Additionally, she touched on the challenges faced by the Cypriot shipping sector due to the pandemic, the Russian invasion of Ukraine, and the EU sanctions, but emphasised the industry’s resilience through cooperation and public-private sector efforts.

The Deputy Minister also stated that Cyprus supports the shipping industry’s decarbonisation efforts, with green tax incentives and the promotion of alternative fuels.

What is more, Hadjimanoli reiterated the government’s commitment to supporting and strengthening the shipping industry and its vision for further development of the maritime ecosystem.

“Cypriot shipping must be competitive, strong, crisis-resistant and proactive to challenges and new trends,” she said.

“We have an ambitious vision and clear goals for Cyprus Shipping and we are determined to further strengthen Cyprus’s position in the global shipping sector,” Hadjimanoli concluded.