President Anastasiades, during the 25th anniversary of Fleet Management Ltd, highlighted that it's Cyprus' priority to improve its strategic advantages.

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.

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.

President Anastasiades informed that the idea of establishing a Deputy Minister for shipping concluded to fruitful results. As also, the establishment of the number of shipping firms coming under the tonnage tax system increased from 168 to 215, whereas 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.

Recently, Cyprus extended its cooperation with the Russian Register, expanding Russian's Maritime Register ability on inspecting ships flying under the Cypriot flag.

The evolution of Cyprus in the maritime industry was also apparent when in late August a China-led consortium announced its plans on constructing an LNG terminal, near Vassiliko Port in Cyprus.