Marathon sessions after initial banking deal

Prospects ‘good’ for industry

The House Representatives is following very closely the developments of the imminent approval by the European Union of the new ‘Cyprus Shipping Taxation System’ reform package.

The new taxation package will help to upgrade and maintain the existing tax legislation, to help Cyprus develop into an even bigger shipping centre internationally and upgrade even more the quality of its merchant fleet, House President Marios Garoyian said in his address to the annual dinner of by the Cyprus Shipping Chamber.
Garoyian noted that Cyprus will be able to offer a very competitive operational framework for all types of shipping companies. He added that in its over 20 years of existence, the Shipping Chamber has been transformed into an important shipping organisation and has gained the reputation as a reliable partner of the state on all issues concerning Cyprus shipping.

He said that the significant and multifaceted technical know-how and expertise that our shipping industry possesses helps in the introduction and adaptation of special measures to encounter various outside factors that can have a negative impact on shipping.

On his part, CSC President Eugen Adami said that despite the current low freight market and the international shortage of finance, the future of Cyprus shipping appears once again quite promising. As he noted, Cyprus has all the experience and potential, both in terms of material and human resources, not only to continue to offer highest quality shipping services, but also to raise its position even higher as a shipping centre of exceptional importance, with a fully developed and all embracing maritime infrastructure.


Captain Adami said that with the new shipping taxation Cyprus will be able to fulfil all the necessary requirements to develop further into an even greater pole of attraction for quality shipowners, shipmanagers and charterers from both within the EU and more importantly from outside the EU.

He stressed that the Cyprus shipping industry, as an integral part of the international shipping community, will remain commited towards the protection of the environment, by applying highest safety standards and energy conservation.

In his welcoming address, the Director General of the Chamber, Thomas Kazakos, noted that “our aim is to bring shipping even closer to the various decision making centres.”
In his address, President Demetris Christofias said that “Cyprus constitutes today an international shipping power and an overall modern, quality and comprehensive shipping complex.”

On the political side, the president said that “with the Cypriot flag flying across the globe, and Cyprus’ presence in international shipping organisations, the entity of the Republic of Cyprus is reinforced”.

“The extensive presence of foreign investments in Cyprus creates conditions of enhanced security, while the foreign employees of shipping companies in Cyprus become the best envoys of our national problem abroad”, he added.

President Christofias said that the shipping industry in Cyprus has managed, through timely and well-planned actions, to moderate the adverse effects of the world economic crisis.


“The Cypriot shipping industry has absorbed the negative results of the crisis and is looking towards the future”, he added.

Cyprus, he said, has the experience and the capabilities to continue to provide high-level shipping services and elevate further its position as an extremely significant shipping hub with state-of-the-art infrastructure.

“Furthermore, it can offer the necessary human resources which are of the highest business standards”, he pointed out.

President Christofias said that on the basis of a meticulously structured action plan, aiming at the constant offer of tax and other incentives, and always within the framework of EU regulations, Cyprus is at the threshold of a huge accomplishment on the international shipping scene.

The new shipping tax framework, he added, which will also be approved very soon by the European Union, will certainly provide additional momentum acting as a national counterbalance to the consequences of the international crisis.


Referring to the international problems faced by shipping and particularly the cases of piracy in the wider Indian Ocean, he said that Cyprus will continue working at all international fora to ensure that the necessary measures are taken to resolve this serious problem and for the principle of the Freedom of the Seas to be imposed.

“This principle is of vital importance for world trade and the international economy, in spite of the fact that the Cypriot shipping is still facing Turkey’s illegal embargo”, as Ankara refuses to comply with its EU obligation to open its ports and airports to vessel and aircraft flying the Cypriot flag.

Having witnessed considerable growth since its establishment in 1989, originally as the Cyprus Shipping Council, with 17 founding members, the Chamber today comprises all the major ship-owning, ship-management and shipping related companies based in Cyprus.

The members of the Chamber own and/or manage from Cyprus, approximately 2170 vessels exceeding 43 mln gross tonnes, thus making it one of the largest national shipping associations in the world and the third biggest fleet in the EU after Greece and Malta.

February 05, 2010 -|||Cyprus House awaits EU approval of new shipping tax
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