Cyprus is considering to update its tonnage tax system and its pricing policy for the registration of ships as part of targeted measures to enhance the competitiveness of the Cyprus shipping industry, stated President Nicos Anastasiades.

He continued that Cyprus is focusing on boosting its role in the international shipping area, improving the competitiveness of the Cyprus Flag and providing fruitful conditions for the sustainable growth of our shipping industry.

Anastasiades said enhancing the strategic advantages of the Cyprus maritime cluster remained a high priority for the government: “We are all aware that our shipping industry operates in a highly competitive global environment, thus requiring stability and long-term innovative planning in order to further evolve.”

Nicos Anastasiades said that revenue from ship management companies in 2018 reached €1.03bn, an increase of 9% over 2017, while the gross tonnage on the Cyprus registry increased to 24.5 million, the highest figure recorded since 2010. Since the establishment of the deputy ministry, the number of shipping firms coming under the tonnage tax system had increased from 168 to 215.

“We will continue examining ways of introducing more incentives, also in consultation and collaboration with the private sector, in order to ensure that Cyprus remains at the edge of the competition as a shipping centre,” Anastasiades said.