Cyprus' shipping industry, one of the most dynamic and internationalized sectors of the national economy, which has strengthened the economy in multiple ways for decades, maintains positive prospects despite various challenges, stated the new Director of the Cyprus Shipping Chamber (CSC), Mr. Alexandros Iosifidis, in an interview with “Entrepreneurial Limassol”.
He emphasized that the sector contributes significantly to the country's economy by creating thousands of high-level jobs and establishing Cyprus and Limassol as reliable and attractive maritime destinations. He further highlighted that maintaining and enhancing the competitive tax system, combined with a flexible regulatory framework, is of vital importance. "It is a key factor not only for retaining existing shipping companies in Cyprus but also for attracting new, high-caliber shipping enterprises," he added.
Regarding challenges, Mr. Iosifidis pointed out that decarbonization is at the forefront of the shipping industry, presenting challenges related to the availability of safe and sustainable fuels and the need for a global regulatory framework. At the same time, geopolitical tensions and trade restrictions add further pressure on the sector, while security and welfare issues for seafarers remain an ongoing challenge, particularly in the Eastern Mediterranean.
The digitization of the Deputy Ministry of Shipping and the implementation of the Limited Liability Shipping Company Law of 2022 are deemed necessary to enhance the competitiveness of the Cyprus flag, according to the CSC Director. "Cyprus is a highly competitive maritime center, offering quality services and significant economic advantages, contributing over 7% to the country's GDP," he stated.
He also stressed the importance of close cooperation with the government and the utilization of specialized expertise from the private shipping sector, such as the Cyprus Shipping Chamber and its member companies, to develop policies that will ensure the long-term prosperity and competitiveness of Cyprus’ shipping industry.
As part of the green transition, the Chamber focuses on shaping a sustainable and realistic framework, with regulations ensuring the uniform implementation of environmental measures. The availability of safe and sustainable fuels is critical, as is the existence of sufficient financial and investment opportunities for fleet upgrades and the adoption of green technologies.
Mr. Iosifidis noted that the shipping sector maintains its excellent performance and international reputation, with the Cyprus flag being recognized as a symbol of prestige and reliability. He added that Cyprus, as a modern, international, and competitive maritime hub offering multiple advantages to its users, remains an attractive destination for new shipping companies. "Given these facts, we see growing interest from shipowners and maritime companies seeking to register under the Cyprus flag, confirming Cyprus’ ongoing appeal as a maritime business hub," he continued.
Regarding corporate social responsibility, the Cyprus Shipping Chamber has, since its establishment, undertaken initiatives and philanthropic activities, such as the recent "Cyprus Shipping Cares", reaffirming the industry's commitment to social contribution. Commenting on the appointment of Mr. Thomas Kazakos as Director of the International Shipping Chamber, Mr. Iosifidis stated that this reflects Cyprus’ strong presence and influence on the global maritime scene. "This is a significant achievement for Mr. Kazakos, who, after 30 years at the Chamber, is now called to lead a top-tier international organization," he noted.
Mr. Alexandros Iosifidis’ vision is to strengthen the voice of Cyprus' shipping industry at national, European, and international levels, promote innovative solutions that contribute to sustainability and the green transition, and maintain the high-quality services of the Cypriot maritime sector. "Cyprus’ shipping industry has already earned global recognition thanks to its reliability, flexibility, and efficiency. My goal is to build upon this momentum, enhancing collaboration with the Deputy Ministry of Shipping and our international partners to further develop the sector," he concluded.
