Over the past five decades, the Cyprus shipping cluster has experienced remarkable growth. Cyprus is at the forefront of global shipping with a fully functional and innovative department of merchant shipping, an EU approved tonnage tax regime and a committed resident shipping industry.
The island is one of the largest ship management centers in the world and the Cyprus registry fleet ranks among the top 10 worldwide and among the top three in Europe.
The global shipping industry faces a number of challenges, including the continued impact of the financial crisis, commodity prices, piracy attacks and environmental regulations. Nonetheless, shipping remains a critical industry to the global economy and Cyprus is expected to continue to play a prominent role as a leading maritime centre.
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