Specifically, today Cyprus has a strong presence in the shipping industry as the 11th largest fleet globally and the 3rd largest fleet in Europe.
The country has been implementing measures to boost safety, security and environmental standards, while also ensures that the national measures are always being improved.
The creation of Cyprus' Shipping Deputy Ministry provided many benefits for the sector, enhancing the fleet, reorganising the Ministry's structure, a comprehensive and intense promotional strategy, the full digitalization of the Deputy Ministry, updating ship registration policy and reinforcing safety and quality procedures.
Moreover, Cyprus announced its plans to abolish ship initial registration fees as part of its efforts to attract competitiveness and attract more ship registrations, following the example of Denmark, which abolished ship registration fees in 2018 and has the fastest growing registry in Europe.
The President commented that
These past few years three maritime academies have been established in Cyprus, with more than 300 students currently studying at these, supervised by the Shipping Deputy Ministry.
Concluding, the Natural Gas Public Company (DEFA) of Cyprus stated, it completed the first step of the tender procedure, for the Cyprus LNG Import Terminal, in Vasilikos Bay, which involves all the necessary infrastructure of LNG import into Cyprus.