SUNDAY, 5 APR 2020

 

CONNECT

Facebook Linked In Twitter
GAP_Group_2019_728x90px
GloriaJeans_266x90px
IMH LTD

Zeta Emilianidou Outlines Measures To Support Employment, Workers And Vulnerable Groups

Cyprus Government: €700 Mn To Counteract Coronavirus Repercussions

IMH LTD
GAP_Group_2019_468x60px

ECONOMY

Natasa Pilides: We Are Considering Appointing A Maritime Ambassador In Hong Kong

Natasa Pilides: We Are Considering Appointing A Maritime Ambassador In Hong Kong

This year promises to be one of major change at the Deputy Ministry of Shipping, as major restructuring is underway to make the government’s maritime arm more efficient, while tax incentives are about to come into effect, making the Cyprus flag more attractive, the Financial Mirror reported.

 

Deputy Shipping Minister Natasa Pilides, briefing journalists upon completing two years at the helm of the new junior ministry, said the aim is twofold, to promote Cyprus as a registry and also as a maritime cluster.

 

“We have received feedback from shipowners and ship managers during our many road trips to Europe and Asia, and we are considering appointing a ‘maritime ambassador’ probably in Hong Kong,” Pilides said.

 

She said that maintaining the competitiveness of the Cyprus flag is of primary importance, especially after the approval by the European Commission of the Cyprus tonnage tax system for a further 10 years, up to 2030.

 

“We are looking to add more types of vessels and to expand the description of the activities of shipping entities, as well as providing discounts for eco-friendly vessels.”

 

Pilides said that parliament is expected to review the new tax regime at the House Finance Committee on Monday, with one proposal including a discount of up to 30% for the registration of hybrid or even electric-driven vessels under the Cyprus flag.

 

“We expect easy sailing through the parliamentary committee and the House plenary because all political parties support the maritime sector, so we should see the new tax system applied well within this year.”

 

Pilides said that structural improvements include an increase of inspections of Cyprus-flag vessels, which were up 14% in 2019 with an all-clear for all inspections.

 

“This will maintain the Cyprus registry on the Paris and Tokyo MoU ‘white lists’ and the European Maritime Safety Agency (EMSA) is considering using Cyprus as a ‘test case’ for best practices in inspections.”

 

She said that the average age of the Cyprus fleet had been seven years, but this may have increased somewhat after the registration of cruise ships under the Cyprus flag, which rose from 40 in 2018 to 90 last year.

 

At the same time, the Deputy Minister said that compliance with the low-sulphur environment had been successful with all Cyprus-flag ships now running on 0.5% SOx sulphur content fuel, compared to 3.5% before the introduction of the sulphur cap.

 

“Of course, there will be some exceptions, where ships may not find the right fuel at all ports, whereby they will have to inform us, and some sort of exemption will be granted.”

 

Fully-fledged shipping companies based in Cyprus have increased to 220, with the number of ship-management operators rising to 50, placing Cyprus at the top of this category.

 

Internally, the DMS is also rapidly embracing the use of new technology, including the digitisation of many service and offering them online to allow for ship owners and operators to save time, while also not wasting the inspectors’ time for paperwork that could be better utilised for comprehensive inspections of the vessels, its equipment and crews.

 

Some new services will be introduced over the next few months that will enhance data entry, cut red tape and reduce human error. The junior ministry will be moving into new premises, with all services under one roof, for which the Cabinet recently approved the tender process for the purchase of a building.

MORE ON ECONOMY

Natasa Pilides: We Are Considering Appointing A Maritime Ambassador In Hong Kong

This year promises to be one of major change at the Deputy Ministry of Shipping, as major ...

Trade Deficit At €479.5 million For January 2020

In January 2020, based on data released by Cystat, total imports were €699.6 mn as ...

Konstantinos Petridis: Support Package To Ease Coronavirus Economic Impact To Be Announced Soon

A financial support package for the economy in order to address the consequences from ...

FROM AROUND GOLDNEWS

   

Gold News Update

Due to the measures being taken by IMH to contain COVID-19, we shall not be updating this website or sending out our daily newsletter until further notice. ...
   

A New Global Methodology To Define Cities And Rural Areas

Have you ever asked yourself how Sustainable Development Goal indicators on sustainable cities and communities can be compared if countries across the world ...
   

Supporting Businesses Working Remotely with “Cisco Webex Meetings & Messaging for Enterprise”

Today, due to global circumstances resulting from COVID-19 (Coronavirus disease), the need for remote working has significantly increased. Amidst this new ...
   

Cyprus Government: €700 Mn To Counteract Coronavirus Repercussions

Cyprus announced a financial support package of € 700m, equivalent to 3% of the GDP which includes a series of measures, covering health, finance and ...
   

Cyprus Airways Suspends Its Flights’ Schedule Until 30 April

  Further to the additional measures announced yesterday by the Cypriot government to prevent spreading the coronavirus (COVID-19) in the country, ...
   

Zeta Emilianidou Outlines Measures To Support Employment, Workers And Vulnerable Groups

Measures to support employment, workers and vulnerable groups of the population  from the effects of the coronavirus protection measures, which are ...
   

High Potential Startups And Economic Resilience

Economic growth without innovation is hard to imagine. The ultimate source of productivity increases is innovation. About two-thirds of Europe's economic ...
   

3CX To Offer Free Communications Solution To Businesses In Wake Of Covid-19

3CX, developer of the award-winning business communications solution, has today announced that they will be offering their software to organizations in Cyprus ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Limassol_Business_Summit_10/03-23/06_300x250px
Gold_Digital_Edition_300x250px

IMH LTD