Limassol – Cyprus is considered to be the largest Shipmanagement Centre in the European Union (EU) and among the three largest globally, according to the Cyprus Shipping Chamber’s Annual Report for 2017.
At the same time, the Cyprus Registry ranked again as the 11th largest merchant fleet worldwide and the 3rd largest fleet in the EU.
Furthermore, in excess of 200 internationally known and recognised shipowning, shipmanagement, chartering and shipping-related companies operate from Cyprus. The wider shipping sector employs approximately 4.500 employees ashore and 55.000 seafarers.
The shipping industry operates successfully on a global basis, controlling a fleet of 2.200 vessels. The Cyprus Register is also considered internationally as one of the most qualitative and safest registries globally.
Shipping constitutes one of the most active and profitable sectors of the Cyprus economy with a contribution estimated at 7% of the GOP. 2017 statistics show that revenue brought to the Republic from maritime transport surpassed for a consecutive year €1 bln.
It is expected that the creation of an independent “Shipping Deputy Ministry” as of 1st of March 2018, will substantially assist towards the further development of the Cyprus Shipping and, by extension, the economy.
