Brexit will have limited impact on Cyprus shipping

The risks to Cyprus shipping from Brexit are minimal while British companies are in the process of registering ships to the Cypriot registry, said Natasa Pilides, Deputy Minister for Shipping.

Speaking to CNA following the fourth Capital Link Forum in Limassol, Pilides said, on a broader level the impact from Brexit will affect the shipping company’s income and trade but “Cypriot shipping is not expected to be affected.”

“Risks for the Cypriot shipping from Brexit are limited,” she added.

Pilides said British shipping companies are in the process of registering ships in Cyprus, whereas other companies have moved their headquarters to the island.

The Deputy Minister for Shipping said her Ministry is in contact with shipowners whose ships are registered in the Cypriot tonnage tax system “to make sure they will continue to meet the rules in the future.”

She said British shipping companies will be affected as they will no longer be considered as European and cannot join the Cypriot tonnage tax system.

“The necessary contacts have been made and I believe we have explained the available options and the companies will take the necessary steps.”

Referring to Cypriot seafarers who work on ships under the Cypriot flag, Pilides said they will not be affected as Cyprus will continue to certify and to recognize them.