The Cypriot flag is growing again, according to the country’s deputy minister for shipping.
Marina Hadjimanolis told the International Business Day conference that figures for the first half of 2024 show the register pulling out of a two-year decline.
Kathimerini daily cited the minister as saying this was down to the flag strengthening its services amid geopolitical tensions impacting shipping, including the Ukraine war and the Red Sea attacks on vessels.
Upgrades to the register have been implemented since Cypriot President Nikos Christodoulides took office in March 2023.
Geopolitical tensions have created challenges that may persist, leading to industry turbulence this year, Hadjimanolis said.
She emphasised the maritime sector is integral to Cyprus’s identity.
The minister reported a 5.5% increase in the Cypriot-flagged fleet from January to June.
And the number of companies registered under the country’s tonnage tax system increased by 14%.
The total now stands at 420.
In October, Themis Papadopoulos, a ship management veteran who also serves as president of the Cyprus Shipping Chamber, told TradeWinds that ships and maritime companies based in Cyprus already work under conditions that peers based in other jurisdictions often envy.
Best still to come
He argued the best is yet to come, however.
Ambitious projects are underway to digitalise and streamline the island’s maritime administrative services into a single one-stop shop and establish a legal incorporation tailor-made for shipping companies.
“These are the top items on our agenda right now,” he said.
Cyprus, one of the world’s biggest flag registries and ship management centres, established a dedicated government ministry five years ago for shipping.
The country’s efforts to woo the industry have continued with Sea Change 2030 — a wide-ranging strategy to enhance its maritime hub’s agility and environmental sustainability.
