Shipping Minister Vassilis Demetriades is visiting Hamburg, where he is holding contacts with executives of shipping companies and financial institutions to sell the Cyprus register.
According to a statement by the Deputy Ministry, during his visit, the minister will present the advantages of Cypriot shipping and Cyprus in general as a maritime centre.
Nicosia is creating the right conditions to attract new shipping companies to Cyprus and join the Cypriot registry.
On Wednesday, Demetriades will present to the Hamburg maritime community the strategic vision for Cypriot shipping, ‘SEA Change 2030’.
He will also analyse the initiatives Cyprus is taking at the European and international level to address the challenges facing global shipping effectively.
Cyprus is a major maritime power with the 11th biggest fleet globally and the third largest in Europe.
As a third-party ship management centre, it is the largest in Europe and among the world’s top three.
More than 20% of the world’s third-party management fleet is managed by companies based in Cyprus.
Shipping contributes 7% to the island’s GDP, and 5% of that is generated by ship management.