Cypriot merchant shipping has seen rapid growth in recent decades. Cyprus is now a global shipping power with the 11th largest fleet worldwide and third in Europe, said Shipping Minister Marina Hadjimanolis.
Addressing an event on the “Cyprus Shipping and Larnaca prospects”, she said the Cyprus flag remains on the White List of the Paris MoU and has also achieved an impressive rise from 13 to 8.
“Cyprus has evolved into a modern, efficient shipping centre and is one of the world’s three largest ship management centres and the largest in Europe.
“Development of the country’s maritime infrastructure and the specialised knowledge of its human resources has ranked the Cypriot flag as one of the most qualitative and competitive flags in the maritime sector.”
Hadjimanolis said that following all safety and security standards established by international maritime and other organisations, the Cypriot flag is included in the “White List” of the Paris and Tokyo MoU.
Based on a recent statement by the Committee of the Paris Memorandum of Understanding (Paris MoU) regarding adopting the new performance of Flag States and Recognised Organisations, Cyprus remains on the White List and has achieved an impressive rise from 13th to 8th ranking.
“As a result, Cyprus has a strong presence and active involvement in the decisions taken by international organisations such as the IMO, the ILO and the European Union.”
Moreover, she said the shipping sector contributes 7% to Cyprus’ GDP, adding that the government’s goal is to improve further and develop this sector.
She said the modernisation of Larnaca Port and Marina by Kition Ocean Holdings and hosting the first research institute for marine technologies are just some examples of the efforts to develop the city further.