Economy category powered by

Officials underline shipping sector’s importance in CSC annual report

The Cyprus Shipping Chamber has highlighted the sector’s challenges and successes in its annual report for 2023 which, this year, will only be distributed in digital form.

Among other things exploring the current status of Cyprus shipping, the report notes, “While Cyprus Shipping continued to be a pillar of economic growth and sustainability, 2023 has proved to be yet another challenging year for the Shipping Sector as past geographical challenges have endured while new ones have reignited, in turn giving way to their knock-on effects across the globe, inevitably exerting pressures on Shipping both locally and internationally, in addition to the pressures emanating out of the sector’s efforts to transition in a Green and Digital operational environment.”

However, the report also went on to note that, despite these pressures, the Cyprus Shipping Industry maintained its reliable services and its steady 7% contribution to the GDP of Cyprus, amounting to approximately €1.2 billion.

“During 2023 Cyprus maintained the third largest merchant fleet in Europe and the eleventh in the world. More than 5% of the global fleet is controlled from Cyprus and more than 20% of the global third-party ship management activity is undertaken by Cyprus-based companies,” the report added.

The publication also included statements from President Nikos Christodoulides who underlined that the Cyprus Shipping Chamber “has proven to be an invaluable collaborator for the Government.”

He also acknowledged that Cyprus represents one of the most important pillars of the Cyprus economy. “Today, Cyprus is proud to be a world-class maritime cluster, encompassing a diverse range of maritime and maritime-related activities,’ Christodoulides said.

In her statement in the report, the President of the House of Representatives Annita Demetriou, among other things, said, “In an era of instability and insecurity, the continuous progress of the shipping sector in Cyprus is not only an achievement, but also a source of optimist and inspiration, for the potential that our country has in becoming a hub for entrepreneurship and innovation in the Eastern Mediterranean region and Europe as well.”

In her message, Shipping Deputy Minister Marina Hadjimanolis noted that, since its establishment in 1989, the Cyprus Shipping Chamber had actively contributed to the development of Cyprus shipping.

“Recognised for its advocacy and support, the Cyprus Shipping Chamber has played a pivotal role in the enhancement of the shipping sector in Cyprus, and deserves the highest commendation,” she added.

On his part, Cyprus Shipping Chamber President Themis Papadopoulos pointed to global trade’s heavy reliance on shipping to transport goods and people around the world. After referring to Cyprus’ rich maritime history and strategic location, giving it a crucial role in the industry, Papadopoulos continued, “Looking ahead, the industry faces tough times with the need to switch to cleaner fuels and embrace digitalization to reduce emissions.” “However,” he continued, “amidst the challenges there are opportunities for innovation and sustainability.”

Click here to view the report in full.

Read More

Invest Cyprus participates in 'Cyprus as a Destination of Opportunities for Indian Businesses' webinar
House approves €8.4m supplementary budget for Larnaca port
Minister receives electricity interconnection study, agencies to give their positions in two months
Government employment up 4.8% in H1
ACTE: Revenue from tourism reduced taking inflation into account
The buildings taking Limassol onwards and upwards
Official data show increase of economic activity in all sectors in 2022
Real estate investment opportunities by AstroBank in Paphos, Famagusta and Nicosia
Seasonality leading to €25m loss this year, PASYXE President estimates
Moody's upgrades Bank of Cyprus' long-term deposit ratings to Baa1