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Cypriot Shipping Registry Celebrates 50 Years

by Lorys Charalambous, Tax-News.com, Cyprus

02 January 2014


In a speech to mark the 50th anniversary of the territory's shipping registry, Cypriot Minister of Communications and Works Tasos Mitsopoulos heralded the marked expansion seen in terms of gross registered tonnage (GRT) during the registry's lifespan.

Launched in 1963, he highlighted that the registry's tonnage has expanded from 3.5 million tons in 1974 to rank third within the European Union, and tenth globally, with GRT now exceeding 21 million.

He noted that although the future looks bright for the registry, Cyprus's accession to membership of the European Union had a dampening effect on demand for the Cypriot ensign coupled with the Turkish embargo on Cypriot vessels.

He highlighted that the ship registration industry in Cyprus accounts for five percent of the territory's gross domestic product, and is a source of 4,000 jobs.

TAGS: marine

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