The Cyprus Shipping Deputy Ministry (SDM) has always focused on safety and sustainability, which is at the heart of our ongoing mission to continuously increase the functionality, effectiveness, and flexibility of our public shipping administration. We believe that flag states are well-positioned to encourage positive change within the industry. By providing and supporting broad and diverse measures to achieve emissions reduction targets, flag states have the ability to actively support a more sustainable future for shipping.
The Cyprus flag has seen significant growth since its inception in 2018 - testament to the hard work of the SDM team which has delivered progressive change in its operations and policies to benefit the entire shipping community. Cyprus currently ranks as the eleventh largest merchant fleet worldwide, the third largest fleet in the European Union, and Europe’s largest shipmanagement centre.
We embrace our responsibility to support the transition to a more sustainable future for shipping. And remain committed to supporting the industry in meeting and exceeding regulatory targets by creating new policies and initiatives that incentivize shipowners and operators. For example, in the framework of its recently adopted national long-term strategy for shipping “SEAChange 2030”, the Cyprus government announced a range of green incentives to reward vessels that demonstrate effective emissions reductions beyond the agreed global levels.
Looking ahead, Cyprus Shipping Deputy Minister, Vassilios Demetriades said: “Cyprus’ tonnage tax system, which has been prolonged until 2029, has always been a popular benefit to the shipping community – indeed the number of shipping companies registered under this regime has increased by 63% since 2018. To ensure that shipowners and operators are rewarded for sustainable shipping efforts, annual tonnage tax is reduced by up to 30% for each vessel that demonstrates proactive measures to reduce its environmental footprint. With the introduction of policies such as these, we are building a pathway to achieve and exceed the IMO 2030 and 2050 targets, and we hope our initiatives provide inspiration for others.
“We are looking forward to attending Posidonia this year where we will be demonstrating our commitment to sustainable shipping, updating on progress to a more digital future for the Ministry, and sharing the latest initiatives that form part of our long term strategy for shipping; SEAChange 2030. We are excited to meet face to face with shipowners, managers, and operators, as well as the wider shipping community in Athens. We want to engage, and we want to listen, as this collaborative approach is what enables us to continuously develop our policies and approach for the benefit of not only Cyprus shipping, but the global industry too.”
For more information about our latest initiatives, visit our stand at Posidonia 2022, stand 2.211, Hall 2