Cyprus maritime sector overview
The maritime sector is a micro-economy by itself that operates under national and international legal and tax framework. The sector behaviour highly depends on the oil price fluctuations and the geopolitical environment inclinations. Therefore, shipping companies have to deal with various challenges, such as freight rates variations, environmental matters, geopolitical restrictions, transportation costs, port charges, crewing costs, logistic procedures and many more.
With over 1,000 registered seagoing vessels under its flag and approximately 21 million gross tonnage volume, the Cyprus Maritime industry is ranked globally among the top three ship management centres.
In addition, Cyprus' Shipping Registry is one of the most renowned and attractive shipping centres worldwide and the largest third-party ship management centre in the EU.
In numbers, there are more than 170 shipowning, ship management, chartering and shipping associated companies governing a merchant fleet of 2,200 vessels with 56 million gross tonnage capacity whilst occupying roughly 55,000 seafarers and 4,500 personnel.
Its attractiveness derives physically from the island's strategic location and the incentives provided and developed since the inception of the shipping legislation back in 1963. The strength, scale and experience of Cyprus' shipping sector is attracting quality tonnage and increasing numbers of first-rate international shipping companies.
The maritime sector has been one of the most successful export services of the country for years, and justifiably Cyprus is considered as one of the leading hubs for ship management services and ship owning on a global scale. It is no surprise that some of the international shipping giants established their headquarters on the island.
Furthermore, Cyprus is the largest crew management centre in the world. The city of Limassol is renowned as the country's maritime capital, hosting some of the most influential names in the shipping industry such as MSC, OSM, SCF, Bernard Schultze, Intership, Interorient, Marlow, Columbia and many more.
The growth of Cyprus' shipping sector has been remarkable; from 1963 onwards, a solid maritime cluster tailored to the Cyprus based companies has been developing, growing and getting stronger over the years, attracting consistently more quality tonnage and shipping-related companies.
How our professional team of advisors can help you
Our professional team, through years of experience in the sector, retains the knowledge to provide tailor-made solutions and support shipping companies in facing the demanding environment of the marine industry.
Whether you are a ship owning, ship management, chartering, or a shipping related company, our specialized team is ready to connect with you, discuss your concerns, and provide tailor-made solutions that will assist you in navigating successfully through the challenges.
Our audit, tax, and consulting services are tailored towards the needs and goals of our clients and combined with the comprehensive knowledge of the RSM network workforce across the continents.