Hadjimanolis continued by saying that “Innovation, cooperation, and the implementation of global regulations are the three pillars upon which we must focus our shipping efforts,” adding that “2025 is also set to be a challenging year for international shipping, stressing the importance of bolstering resilience to withstand extreme pressures.” “In the face of adversity, we must recognise that challenges also bring opportunities; we are committed to embracing these challenges and transforming them into chances for sustainable growth,” she added.

Reminding attendees of Cyprus’ strategic position and its robust maritime infrastructure, Hadjimanolis noted that despite these challenges, Cypriot shipping has excelled both globally and locally. By delivering efficient, high-quality, personalised services, it has strengthened its position as a Maritime Centre of Excellence.

Expressing her satisfaction with the domestic shipping industry, she reported an 18 per cent increase in the Cypriot registry in terms of total tonnage over the last 16 months and stressed that further growth “is one of the government’s main priorities and part of a continuous, targeted strategic planning.” “Despite the challenges, we are determined to seize opportunities and further strengthen our role on the international shipping stage,” she said, mentioning that the changes brought about by technology and innovation mean that “the role of all private sector stakeholders is more critical than ever.”

In her address, Hadjimanolis stated that the challenges of decarbonisation, climate change, digitalisation, sustainable development, and the search for cleaner and greener technologies “require strong partnerships with the private industry and innovative solutions.” “As a leading advocate for sustainable shipping, we believe comprehensive and diverse measures are needed globally to achieve emission reduction targets and ensure a sustainable future for the industry,” she said.

She added that Cyprus’ active and robust participation in the discussions of the International Maritime Organisation (IMO) and the EU contributes to shaping a set of actions needed to achieve carbon emission reduction targets. At the same time, she emphasised the importance of providing incentives to shipowners for their investments in sustainable practices.

Underlining the ongoing support, she stated, “we will continue to support the shipping industry in achieving decarbonisation targets by providing green tax incentives to shipowners and ship operators, encouraging and supporting Cypriot flagged vessels to use alternative fuels.” She noted that such incentives have already been reviewed, and new incentives have been approved by the Council of Ministers to reward ships that demonstrate effective emission reductions. As a result of this, she continued, 2024 saw a large increase in the number of applications submitted for tonnage tax reductions to 71, compared to 13 applications submitted in 2022.

“Taking all of the above into account, we firmly believe that our focus should be on three key pillars: innovation, cooperation, and the implementation of global regulations,” Hadjimanoli said. Specifically, she added, through innovation and by encouraging collaboration and enforcement of regulations, “we can bridge the energy gap and steer our industry towards a brighter, more sustainable future.” She also reminded that recently, due to the rapid growth of companies providing maritime services, President Nikos Christodoulides announced the promotion of policies related to these services, particularly in technology services, research and development, and for yachts. “By harnessing the power of science, technology, and human ingenuity, we can overcome every obstacle and build a future where our shipping industry not only survives but thrives,” said the Deputy Minister.

Hadjimanolis concluded by emphasising the importance of private and public sector cooperation and the government’s “strong political commitment to continue to actively support the industry, with the aim of sustainable development of Cypriot shipping.”

Source: Cyprus Mail