1. Cyprus Shipping: New Challenges and Prospects Mr Alecos Michaelides Permanent Secretary Ministry of Transport, Communications and Works

2. Cyprus Shipping: New Challenges and Prospects Contribution of Shipping to the economy of Cyprus:  7% of GDP (direct and indirect contribution).  4,500 employed ashore in the shipping industry.

3. Cyprus Shipping: New Challenges and Prospects Cyprus Registry of Ships:  10 th in the world.  3 rd in the European Union.  1,000 ocean going ships.  Approximately 23 million gross tonnage. Cyprus:  A leading international shipping centre.

4. Cyprus Shipping: New Challenges and Prospects

5. Fiscal and Economic incentives:  Competitive ship registration costs and fees.  Competitive annual tonnage taxes.  56 double tax avoidance treaties.  23 bilateral agreements on merchant shipping.  Comprehensive Tonnage Tax System.

6. Cyprus Shipping: New Challenges and Prospects Cyprus Tonnage Tax System:  Approved by the European Commission as compatible with the Guidelines on State Aid to Maritime Transport.  Stable fiscal environment for shipping entrepreneurs.  Applicable to:  Owners of Cyprus ships,  Owners of foreign ships,  Charterers,  Ship managers.

7. Cyprus Shipping: New Challenges and Prospects

8. Active participation in the shipping fora:  International Maritime Organization.  International Labour Organisation.  European Council.  European Commission.

9. Cyprus Shipping: New Challenges and Prospects Cyprus flag:  Quality flag.  Effective implementation of all internationally applicable standards to shipping.  “White List” of Paris and Tokyo MoUs on Port State Control.

10. Cyprus Shipping: New Challenges and Prospects New Cyprus Shipping Strategy:  New branding and promotional campaigns.  Re-organisation of Maritime Administration in order to:  improve quality of services,  improve responsiveness.  Simplified procedures.  e-services:  registration of seafarers,  recognition of Certificates of Competency.

11. Cyprus Shipping: New Challenges and Prospects Cyprus: “the ideal choice for every successful shipping entrepreneur”. Thank you for your attention.