Tag: Cyprus

RS passes the Cyprus MA audit, Recognized by the Maritime Administration of Cyprus

The shipping industry has been one of Cyprus' most successful export services, as the country enjoys the privilege of being one of the most influential global hubs for ship owning and ship management services, with the island's maritime capital,

Cyprus shipping still a reliable partner

Cyprus: Shipping registry not affected by bank crisis

Cyprus government gives the highest priority to the shipping sector

Cyprus: Anti-piracy law enters into force

Measures must be taken for the safety of ships New legislation on the measures to be taken to protect Cyprus ships from acts of piracy and other illegal acts is passing through Parliament.The draft law affirms the general principle that necessary measures must be taken for the safety of ships and the prevention of illegal acts in accordance with Chapter XI-2 of the International Convention for the Safety of Life at Sea, the International Ship and Port Facility Security Code and EC Regulation 725/2004. Additional measures, including the use of private security firms, may be taken when a vessel enters a high-risk area. The draft law sets out: a process for the Cyprus authorities to grant operators of Cyprus ships permission to employ private security contractors to protect a vessel; the licensing process for private security firms wishing to provide services to Cyprus ships (firms that are not incorporated in Cyprus will be required to appoint an authorised representative in Cyprus); and the rights and obligations of the master, crew and other persons onboard Cyprus ships, including rights of arrest and detention with respect to persons that have committed or purported to commit an illegal act against the vessel, its ...

Draft Anti-Piracy Bill adopted Draft Anti-Piracy Bill adopted on last week by the Cabinet creates new standards in combating piracy incidents against Cypriot vessels, by providing for armed escorts.The Minister of Communications and Works Efthymios Flourentzos said the Bill was pioneering and important, noting that its approval by the Cabinet and its consequent adoption by the House of Representatives will turn Cyprus into a pioneer on a global scale on the matter.The Cyprus Shipping Chamber welcomed from its part the adoption of the Bill, noting that it may provide an answer to the gangrene of the phenomenon of Piracy.Flourentzou said that the Bill regulates the provision of armed escorts to Cyprus-flagged vessels, by specially trained and certified guards.Asked on the way past concerns on behalf of the maritime administration were surmounted, the Minister said that the obstacles and concerns were overcome following a long and coordinated work of all parties involved. A coordinated work has been done by all involved, Flourentzou noted, referring to the Ministries of Communications and Works, Justice and Labour, as well as other competent authorities.All parties addressed the draft Bill by taking into account the international context and with an aim to strengthen Cypriot shipping, the ...

Cyprus: Admiralty And Shipping The existence and nature of piratical attacks off Somalia, is a matter of great notoriety and has caused tremendous problems to ship-owners, cargo-owners, insurers, crew members etc.Due to the absence of any effective government, or law enforcement in Somalia, the only realistic and effective manner of obtaining release of a vessel seized by the Somali pirates, is the negotiation and payment of a ransom.Is the payment of ransom to Somali pirates for obtaining the release of a vessel seized, unlawful and/or contrary to public policy?Cyprus has been an independent and sovereign republic, since 1960. Until that time, it had been a British Colony. The Cypriot legal system followed English law until 1960. Since then, it has been closely modeled on its English counterpart. Cyprus has adopted the Anglo-Saxon legal system, which allows most English cases to be cited in Cypriot Courts. Under certain conditions, the cases are treated as binding, but in most instances, they are used as guidelines.There is no Cypriot case law, on the issue under consideration, neither there is any legislation rendering the payment of ransom unlawful.In the event that an issue is raised before Cypriot Courts for consideration, Cypriot Courts will follow ...

Ship management revenues increased marginally to 4,9% of Cyprus GDP Ship management revenues increased marginally to 4,9% of Cyprus GDP, during the first half of 2011 despite the economic crisis.According to Ship Management Survey, released on Monday by the Central Bank of Cyprus, the majority of revenues came from Germany (57%). There were also significant contributions from Switzerland (11%) and Latvia (7%).These figures do not represent the countries of the beneficial ship owners whose ships are managed by companies based in Cyprus. They merely represent the countries from where the payments were transferred to Cyprus.Most companies in the sector generate revenues within the range of 1 million - 10 million euro, but there are a few very large companies with revenues exceeding 27 million half-yearly. As a result, the sector is relatively concentrated with 24% of the companies generating 83% of the sectors total revenues.Total ship management revenues from non resident ship owning companies for the first half of 2011 were 431 million euro, which corresponds to 4,9% of Cyprus GDP. There was a marginal increase in revenues during the first half of 2011 from 431 million to 432 million euro.Despite the economic crisis, the ship management sector continued its ...