Shipping Sector Cyprus
A global success story for decades, the Cyprus shipping industry continues to stay focused and strong in the face of unprecedented challenges to global shipping due to the Coronavirus pandemic.
A global success story for decades, the Cyprus shipping industry continues to stay focused and strong in the face of unprecedented challenges to global shipping due to the Coronavirus pandemic.
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Maritime & <strong>Shipping</strong><br />
Maritime & <strong>Shipping</strong><br />
NAVIGATING<br />
HIGH SEAS<br />
A global success story for decades, the <strong>Cyprus</strong> shipping industry<br />
continues to stay focused and strong in the face of unprecedented<br />
challenges to global shipping due to the Coronavirus pandemic.<br />
<strong>Shipping</strong> is historically one of the<br />
most successful industries in <strong>Cyprus</strong>.<br />
The vibrant and resilient sector is the<br />
longest-serving generator of foreign<br />
direct investment and is primed for<br />
further growth. The country’s maritime<br />
industry contributes more than<br />
€1 billion to the economy annually,<br />
which translates to over 7% of GDP, a far higher<br />
figure than in other countries engaged in merchant<br />
shipping. Of this figure, shipmanagement<br />
alone accounts for 5%.<br />
<strong>Cyprus</strong> has the third largest merchant fleet<br />
in Europe and the 11 th largest in the world, the<br />
country is also the EU’s largest shipmanagement<br />
centre and amongst the top three in the<br />
world. With a sovereign flag of excellent quality,<br />
the country has become a preferred base for<br />
global shipping operations. Companies present<br />
in <strong>Cyprus</strong> today are some of the largest of their<br />
kind in the world and manage around 20% of the<br />
world’s third-party managed fleet, and the sector<br />
employs around 3% of <strong>Cyprus</strong>’ workforce.<br />
The country’s <strong>Shipping</strong> Deputy Ministry has<br />
had two years of successful operation since its<br />
inception in 2018, implementing new supportive<br />
measures and flexible mechanisms to upgrade<br />
<strong>Cyprus</strong>’ status as one of the most formidable maritime<br />
centres worldwide. A recent example was<br />
the reapproval of the specialised <strong>Cyprus</strong> <strong>Shipping</strong><br />
Taxation System by the European Union, which<br />
was also unanimously approved locally by the<br />
House plenum in April 2020. This ensures the<br />
sustainability of the country’s shipping industry<br />
for the next decade – a factor crucial for the<br />
<strong>Cyprus</strong> economy. Also in 2020, <strong>Cyprus</strong> cemented<br />
its position on the Paris and Tokyo MoU ‘white<br />
lists’ in relation to the safety performance of flag<br />
administrations and joined the United States<br />
Coast Guard’s Qualship 21 list, which recognises<br />
the top performing flag states based on port state<br />
control performance.<br />
KEY<br />
contacts<br />
<strong>Shipping</strong> Deputy Ministry<br />
www.shipping.gov.cy<br />
<strong>Cyprus</strong> <strong>Shipping</strong> Chamber<br />
www.csc-cy.org<br />
<strong>Cyprus</strong> Union of Shipowners<br />
www.cus.com.cy<br />
Country Report CYPRUS 2020
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