Despite the continuing depressed shipping market of the last 8 years, the company has broadened its customer base with selective, quality and same minded owners, according to the CFO of Intership Navigation Co. Ltd., Nicos Paneras. Furthermore, he believes that the drafting of the Study on the Future of Shipping in Cyprus was a major step forward.

Tell us a few things about Intership’s history and presence in Cyprus.

Intership Navigation Co. Ltd. was founded in 1988 by the Hartmann Group of Germany and has grown from a small operation into a major international shipowner and manager. Principally a shipowning company, Intership has also expanded into third party management.

The company currently has in excess of 85 ships under ownership or full management, the majority belonging to the Hartmann Group.  In addition, Intership partly manages a fleet of more than 100 ships on a crew management basis.

The company maintains and coordinates from its Limassol headquarters, a network of subsidiaries and affiliate companies as well as satellite technical offices in USA, Poland and the Philippines.

What was the financial performance of Intership Navigation in 2016?

Since its formation and establishment in Cyprus in 1988, Intership Navigation has continued to grow year after year. Despite the continuing depressed shipping market of the last 8 years, the Company has broadened its customer base with selective, quality and same minded owners. Our long-standing relations with our clients, strong presence in commercial pools coupled with our expertise in niche markets, gives us a competitive edge against our competitors.

In your opinion, how did the Cypriot shipping industry perform in 2016?

Shipping corresponds to perhaps the only truly globalised industry of Cyprus today. Despite the continuing global economic crisis and, in particular, the persistent depressed shipping markets, Cyprus shipping has continued to navigate through the rough times with great success.

The Cyprus registry comprises of approximately 1000 ocean going vessels of a gross tonnage exceeding 22 million. It is the 11th largest merchant fleet globally and the 3rd largest fleet in the European Union, constituting about 20% of the EU fleet.

Limassol, is the largest third party shipmanagement center in the European Union, and one of the largest in the world. Around 20% of global third-party shipmanagement activities are controlled from Cyprus. Approximately 4% of the world’s fleet is managed from Cyprus.

The shipping industry maintains its contribution to the Cyprus Economy at around 7% of GDP and continues to employ around 4500 highly qualified personnel and 55000 seafarers.

The drafting of the Study on the Future of Shipping in Cyprus was a major step forward. Especially, the recommended Shipping Incentive Schemes and Ship Registry Pricing Policy Working Group, which will result in the introduction of certain shipping taxation incentives, including Freight Tax, Stamp Duty and the possibility of creating a new type of company, namely, Cyprus Shipping Company.

Tell us a few things about Intership, its mission and vision.

Globally, Intership’s vision is to be recognized as the most reliable shipping company for its standards and completeness of its services. We have always strived to maintain close relations with our clients, charterers and industrial partners. Our mission is to be a leading provider of reliable shipping services that exceed stakeholder’s expectations.

Locally, Intership endeavours to be a preferred employer and places great importance on the welfare and training of staff ashore, as well as at sea.  We have repeatedly been nominated as Best Workplace and have obtained the Bronze Medal Investors in People accreditation. Intership employs in excess of 160 multicultural employees and enjoys a remarkable retention rate of 96%.

Intership also placed considerable emphasis on its social responsibility and has incorporated Corporate Social Responsibility into its strategic pillars and through the work of the social committee aims to promote the image of company within the community.