Deputy Minister for shipping ascertains rising confidence in the Cypriot flag

May 9, 2019 at 9:39am

The considerable increase of ship management revenue from ships under the Cypriot flag show the rising vote of confidence of ship management companies in the Cypriot registry, Deputy Minister for Shipping Natasa Pilides told CNA.

The ship management survey for the second half of 2018, published by the Central Bank of Cyprus yesterday showed that ship management revenue from ships under the Cypriot flag have more than tripled in the last six months of 2018 amounting to 33% of the total revenue from 10% in the first half of the year.

The second half of 2018 registered the highest ever shear of revenue from the management of ships under the Cypriot flag since the inception of the survey in 2009.

Speaking to CNA from Shanghai, Pilides said this rise show that the resident ship management companies are registering ships in the Cypriot registry.

“This figure shows that the local ship managers confidence in the Cypriot flag is rising and the local industry’s relationship with the Cypriot registry is improving, which is very positive,” Pilides added, noting that the Ministry aims to further improve the Cypriot flag.

According to the latest available data, the gross tonnage of the Cypriot flagged ships amounted to 24.3 million by end-March, while companies registered in the Cyprus tonnage tax system reached 203 from 168 the previous year.

Pilides is currently in Shanghai for contacts with ship owning companies, logistic companies and banking institution with shipping divisions. She will also attend the fourth Capital Link International Shipping Forum and will later hold meetings in Tokyo, Japan.

(Cyprus News Agency)