Steamship Mutual Underwriting Association (Europe) chooses Cyprus

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P&I Club member Steamship Mutual Underwriting Association (Europe) has decided to underwrite all of its European business in Cyprus through its Cypriot entity.

The Cyprus Shipping Chamber (CSC) has welcomed the arrival of a new P&I Club among its member-companies

In a statement, the Chamber said the company “has expressed its gratitude to the Cypriot authorities and the shipping community for the warm welcome and support it has received since it decided to base itself in Limassol and it looks forward to making a positive contribution”.

The arrival of new shipping companies offering shipping related services is a strong example of the Cyprus Shipping Industry’s enhanced competitiveness, which provides stability and business growth opportunities, the CSC said.

According to the Shipping Deputy Ministry’s statistics, companies registered under the Cyprus Shipping Taxation System have increased, while the number of Cyprus-based companies has risen by 33% over the last two years.

“The Shipping Chamber welcomes this very positive development and expresses its appreciation for the trust placed in Cyprus by the shipping companies which relocate to Cyprus.”