The Cyprus Shipping Chamber is the trade association of the Shipping Industry in Cyprus. The Chamber today comprises of all the major shipowning, shipmanagement, chartering and shipping related companies based in Cyprus. The main purpose of the Chamber is to promote the interests of Cyprus Shipping and to further the reputation of the Cyprus flag.One of the Chamber’s aims and objectives is to maintain Cyprus’s leading role in the world shipping scene and to further develop and upgrade the Cyprus Shipping infrastructure. We therefore, believe that the new shipping taxation framework, following its official approval by the European Commission in 2010, represents a great expansion tool, which should be fully exploited by Cyprus towards that direction.With the new Taxation System, Cyprus is now able to cover in their most modern form, the three basic Shipping activities that are offered today in International Shipping, namely Shipowning, Shipmanagement and the Chartering of vessels. The new “Tonnage Tax” System is in its own right, an innovative and a pioneering piece of legislation, which updates existing and offers additional financial incentives to shipping activities in Cyprus, in full compliance with the relevant EU shipping taxation framework. It also ensures the viability of the Cyprus Shipping Register and the Cyprus Shipping Industry, as well as the unhindered continuation of the important contribution of the Shipping Industry to the Cyprus Economy, which according to the latest available official statistical figures is assessed to be between 7-8% of the GDP. For this reason, the Chamber in close cooperation with the Cyprus Maritime Administration, and other bodies, such as the Cyprus Investment Promotion Agency, has embarked already on a concerted and targeted marketing campaign, which will be further enhanced, in order to promote and explain the provisions of the new Shipping Taxation System and attract more quality ships and shipping companies to Cyprus.

The recent discovery of Natural Gas in the Exclusive Economic Zone of Cyprus creates even greater prospects for Cyprus Shipping and of course, the country as a whole. Cyprus can develop into an important Energy Centre in the Mediterranean. Strategic partnerships with careful management and well-prepared development plans can create new and Shipping and Energy projects with great financial benefits for the Cyprus Economy. At the same time, this important business development will offer Cyprus and by extension, Europe, even greater political influence on a regional and global level, in matters concerning Energy and Shipping. For this, the Chamber is committed to developing the strategies for Cyprus Shipping to practically assist the Government in this important endeavour, by offering its Members’ specialised knowledge in this field.

With the combination of the new competitive Tonnage Taxation System, the possibility of an upgraded Maritime Administration Structure, and a series of well-prepared development plans following the recent discovery of Natural Gas in the Exclusive Economic Zone of Cyprus, Cyprus Shipping has a very promising future.

There is no doubt that, over the last few decades, Cyprus has been transformed into one of the largest, “all-embracing” Shipping Centres within the European Union and globally. The development and diversification of almost all possible shipping activities in Cyprus, has enhanced even further during the past years and its Maritime Cluster dynamics, are steadily growing.

The Cyprus Shipping Chamber is committed therefore to work creatively on new shipping modalities for public and private partnerships and exploit innovative new ways, in order to maintain Cyprus’ leading edge.