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In an interview with Forbes, Kypros Kyriakou, Director of Assurance Services of RSM Cyprus, said that for the Cyprus Shipping Sector to thrive in the evolving maritime landscape, focus points may revolve around sustainable practices, technological innovation, and skills development.
He also said that RSM supports the shipping clients by providing industry-focused audit, advisory and risk management services tailored to this evolving landscape.
F: What are the key trends shaping the maritime industry in the current global economy?
K.K: The maritime industry is undergoing transformative changes driven by technological advancements and sustainability goals. There is a significant focus on decarbonisation and digitalisation with the purpose of enhancing efficiency, safety and environmental stewardship.
Key trends include, amongst others, the technological Integration through the adoption of Artificial Intelligence (AI), autonomous vessels and blockchain. Decarbonisation and Green Energy to reduce emissions and adopt alternative fuels. Cybersecurity and Maritime IoT, and finally Smart Ports and Digital Transformation, where ports are becoming more automated and data-driven.
F: How should Cyprus redefine its course and showcase its potential in a changing global economic landscape?
K.K: The Cypriot Maritime Registry is one of the largest in the European Union and amongst the top 3 ship management centres worldwide. Cyprus can further leverage the pros of its strategic location and established maritime sector to adapt to global challenges.
As the shipping industry moves toward decarbonisation and digital transformation, Cyprus should embrace innovation and sustainability. However, actions should be accompanied by the voice of the shipping community that Cyprus managed to establish all those years.
That voice will be the pillar to invest in the right infrastructure, promote maritime education and support the regulatory alignment with EU and IMO standards while at the same time adding value to its shipping sector by accurately addressing their challenges. This will open the path for more shipping companies to see Cyprus as a complete partner, focusing on the global changes while maintaining or even strengthening their shipping community's competitive advantage and operational efficiency.
Environmental strategy is now a core part of business strategy
Every strategic move must align with a solid financial and sustainability framework to ensure smooth operational performance in the marine industry.
This is where our assurance, tax, and consulting advisory professionals come in, providing industry-focused audit, advisory and risk management services to shipping clients.
F: How can Cyprus' shipping sector and its companies develop and adapt to the evolving global maritime landscape?
K.K: For the Cyprus Shipping Sector to thrive in the evolving maritime landscape, focus points may revolve around sustainable practices, technological innovation and skills development. For example, Green Shipping Policies should be promoted, and alternative fuels should be adopted while investing in advanced technologies and IoT to modernise fleet operations and port management.
Finally, training their seafarers in new technologies and systems to ensure that their workforce has the competence to handle future challenges. Since the above measures require high amounts of capital, the actions should be based on a comprehensive budgeting plan to ensure that there will be no disruption to their shipping operations and cash flow management while they go through this transition.
F: What event do you consider to be pivotal in shaping or impacting the course of the shipping industry?
K.K: One of the most pivotal developments in recent years has been the maritime sector's accelerated commitment to environmental sustainability, particularly following the IMO's adoption of its Greenhouse Gas (GHG) strategy.
This transition demands significant investments in alternative fuels, new technologies, and infrastructure development. It has reshaped priorities across the sector, emphasising sustainability as a core driver of future growth. A record number of Green–Fuel–capable ships are entering the market, but the supply of fuels remains limited.
The European Union should build and support the infrastructure to produce the green marine fuels needed to decarbonise shipping.
F: How does RSM Cyprus address the challenges, and what advice would you offer to your clients?
K.K: RSM Cyprus works closely with clients by offering advisory services tailored to the maritime sector's evolving needs. We support our shipping clients by providing industry-focused audit, advisory, and risk management services tailored to this evolving landscape. In addition, we help companies navigate the complex regulatory frameworks around ESG reporting, cybersecurity, and digital transformation.
Our advice to clients is to remain proactive, embrace digital tools to streamline operations, invest in sustainable practices for compliance and long-term resilience, and continually reassess risk management strategies in light of technological and geopolitical changes.
