Gold Magazine June - July 2013, Issue 27 | Page 62

CYPRUS SHIPPING DIRECTORY

DELOITTE LIMITED
of the biggest companies in the industry. In
contrast with international business in other
sectors of the economy, these companies
are headquartered in Cyprus, they employ
a significant number of Cypriots and, at
the same time, they make extensive use of
the island’s banking, accounting and legal
infrastructure. In these difficult times, their
continuing presence in Cyprus is becoming
even more significant.

Costas Georghadjis
Partner-Head of Audit
Services, Deloitte Limited

T

The local shipping industry has always
maintained a perhaps surprisingly low
profile. Do you think that it needs to
adopt a new, more proactive stance? Do
you have any suggestions as to how it
should go about this?
The interests of the local shipping industry
are primarily promoted by the Cyprus Shipping Chamber, the industry’s trade association in Cyprus. The culture of the people
that manage the Chamber and that of its
members dictates the tone with which business is conducted and effectively promoted.
We agree that this culture is one of maintaining a low profile but it is nevertheless
highly effective in achieving its goals and
objectives. The Chamber has been – and still
is – a very influential body when it comes to
policy decisions to be taken by the government. In fact, as far as we know, no policy
decision on shipping matters is taken before
consultation with the Chamber. Evidence
of this has been the active participation and
huge contribution that the Chamber made
in the enactment of the new tonnage tax
regime.
he importance of the shipping industry to Cyprus has been acknowledged for more than 40
years. How much more significant is it to the
economy during these difficult present times?
Shipping contributes more than 5% to the GDP
of Cyprus. The island’s merchant fleet has been
growing steadily, reaching a Top 3 position in
Europe and a Top 10 global ranking. Cyprus is
the biggest third-party ship management centre
in Europe, having attracted to the island some

60 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

Are there steps that the Government
could take in order to make Cyprus an
even more attractive maritime centre for
shipping companies of all kinds to set up
their headquarters?
24 March 2010, was a historical landmark
for Cyprus Shipping as the European Commission approved the new, fully revised
and upgraded Cyprus Shipping Taxation
System. This ensures the viability of the