Cyprus: A Maritime Powerhouse Embraces Sustainability

In the vibrant waters of the Eastern Mediterranean, the Cypriot shipping industry has long been a maritime powerhouse, both historically and in the modern era. As we embark on a journey to explore the latest developments within this dynamic sector, we find ourselves at the nexus of tradition and innovation, where long-standing seafaring traditions meet cutting-edge technology.

Beyond merely traversing oceans, Cypriot shipping has set its sights on charting a sustainable course into the future, setting an example for the global maritime community. In this article, we will delve into the latest advancements propelling Cyprus to the forefront of the shipping world, while also uncovering the best practices that are steering this industry towards a more environmentally conscious and sustainable horizon.

Developments in Cyprus’ Shipping Sector

Promoting Cyprus Shipping in the UK

On September 11, 2023, Deputy Minister of Shipping Marina Hadjimanolis addressed an international audience during London’s International Shipping Week, highlighting Cyprus’ advantages as a hub for shipping companies. Hadjimanolis identified four key factors that make Cyprus an attractive location for shipping companies, including a favorable tax regime, a safe fleet history, expedited services, and a proactive approach to challenges. She also detailed comprehensive financial incentives tailored to the shipping sector.

Cypriot shipping has seen a significant increase in companies based on the island, with approximately 400 companies, including 250 in the shipping sector. Cyprus has also risen to the eighth position globally for fleet inspection memoranda.

Cyprus shipping meets higher education

In a significant move aimed at further bolstering cooperation and knowledge sharing, the Cyprus Shipping Chamber (CSC) officially entered into a collaborative agreement with the University of Cyprus on Friday, August 4, 2023. This agreement aims to solidify the collaboration between the two organizations in areas of mutual interest, with the overarching goal of enhancing their already outstanding cooperation.

Key aspects covered by the agreement include practical experiential learning and orientation, maritime training and education, research and development, information and knowledge exchange, as well as joint public relations activities.

Larnaca Wants to Train the Next Generation of Seafarers

In a report first published on September 14, 2023, by daily newspaper Phileleftheros, it has come to light that for several years, Larnaca’s stakeholders have been advocating for the establishment of a university specializing in maritime studies. This delay in creating an academic institution dedicated to the maritime sector has, according to Zacharias Siokouros, CEO of the Cyprus Maritime and Marine Institute (CMMI), resulted in gaps and deficiencies within the maritime industry.

The proposal for establishing the university school was submitted to President Nikos Christodoulides earlier in May, in collaboration with the Cyprus University of Technology (Tepak) and the CMMI. The aim is to address the existing gaps and guide young individuals towards fields with significant growth prospects in the maritime sector.

Sustainable Shipping Initiatives

Sustainable shipping practices are vital to reduce environmental impact, conserve marine ecosystems, and meet global climate goals, ensuring a cleaner, more efficient, and responsible maritime industry for the future. On April 21, 2023, the Cyprus Shipping Chamber welcomed the official approval of the new law in the European Emissions Trading System for Shipping (EU ETS) by the European Parliament. The law allocates funds from emissions trading rights to decarbonize shipping, supporting the EU’s green maritime transition.

On July 11, 2023, the Cyprus Shipping Chamber welcomed decisions made at the 80th meeting of the Marine Environment Protection Committee (MEPC80) regarding the revised Greenhouse Gas Reduction Strategy for ships, aiming for greenhouse gas emissions neutrality by 2050.

Relatedly, it is worth exploring some of the ways in which shipping can become more sustainable, detailed by the European Maritime Safety Agency (EMSA). The agency actively contributes to the development of sustainable shipping practices by promoting a number of actions. These include the following initiatives.

Conclusion

Cyprus is carving its path as a maritime leader by embracing sustainability, promoting education in the maritime sector, and actively participating in global efforts to reduce the environmental impact of shipping. With a strong foundation in tradition and innovation, Cyprus is poised to continue its growth as a maritime powerhouse while championing sustainable practices for the industry worldwide.

By fLEXI tEAM