Cyprus has seen merchant shipping developing rapidly over the last decades, ranking the country amongst the main maritime powers of the world with the 11th largest fleet globally and the 3rd largest fleet in Europe.
In an official announcement, Cyprus Maritime cited the key reasons why Cyprus constitutes a global maritime cluster:
- As a third-party ship management centre, Cyprus is the largest in Europe and amongst the top 3 worldwide. More than 20% of the worlds’ third party management fleet is managed by companies based in Cyprus.
- The Cyprus ship registry is one of the two “open” registries within the European Union and is estimated that holds the 15% of the total merchant fleet in the region. Shipping companies in Cyprus benefit from the Republic under a legislation that has placed the country as an established and one of the major registries not only in Europe but also globally.
- Limassol, the heart of the Cyprus maritime cluster, hosts more than 200 companies offering shipping and shipping-related services from ship ownership and ship management to shipping insurance, shipping finance, brokerage, bunkering, ballast water system production, marine training, maritime technology in satellite and radio systems and many more.
- The Cyprus flag is also at the “White List” of Paris MoU and Tokyo MoU regarding safety standards and security standards. More than 150 dedicated maritime specialists at the Shipping Deputy Ministry offer 24/7 service from our offices in 7 different countries.
- Additionally, Cyprus is amongst the countries having a prominent role in forming global shipping policies with a strong presence and a powerful voice in all maritime fora and international organizations such as the IMO, the ILO and the European Union.
