Gold Magazine June - July 2013, Issue 27 | Page 73

FOUNDED IN 1836, Oesterreichischer Lloyd Seereederei (Cyprus) Ltd remains low despite the recent 2.5% increase and let’s not forget the most recent development – the Tonnage Tax System (TTS) duly sanctioned by the European Union. Moreover, Cyprus has signed double tax treaties with 45 or more countries, it provides a great sense of safety and security compared to other countries and, importantly, it offers a common language – English – in addition to being a healthy, beautiful island. In Austria, with several Governments in place, we had no strong supporting Chamber such as the Cyprus Shipping Chamber to establish TTS although we definitely enjoyed the Austrian flag for more than 35 years (the Administration closed down in 2012). We decided to have a subsidiary in Cyprus as far back as March 1995 and it subsequently became our head office when I took the plunge and obtained permanent residency in 2001 at Ayios Tychonas, Limassol. Does the ongoing Turkish embargo of Cyprus-flagged ships affect your company in any way? At the moment and previous years, yes. Without a doubt, numerous European companies and vessel operators, who are chartering our vessels, would like to utilise the very strong Turkish import and export. This is an ongoing and tremendously important issue that needs resolution sooner rather than later and we believe in and support President Anastasiades in his efforts to finally solve this problem through willing negotiations to reunite Cyprus. Perhaps the financial crisis will even help accelerate these negotiations. A reunified Cyprus has so much to offer. Have the operations of Österreichischer Lloyd Seereederei been affected by recent developments in Cyprus, in particular by the banking sector restrictions? It goes without saying that Österreichischer Lloyd has been affected by the banking sector restrictions but only in terms of paying our dedicated and loyal employees, Cypriots and other EU member colleagues. Strangely enough, the clearance of inward deposits to our local accounts from overseas has been delayed by German banks. All our operational accounts have been located outside Cyprus since the date of the company’s incorporation, due to the fact that it is only possible to secure ship financing and working capital credit lines outside Cyprus. We are hopeful that Cypriot banks will reconsider their stance on the feasibility of ship financing and offer this important service sooner or later. This could be part of Cyprus’ future strength. Strong support from the President of the Republic would be highly appreciated. What is your overall assessment of the future of Cyprus shipping? In my opinion, President Anastasiades rightly agreed that the local financial sector was far too exposed and should be downsized, and it was correct to take the additional measures such as the resolution of the second largest bank and the OELSR became one of the world’s leading shipowners by the turn of the 19th century. Nowadays, it is headquartered in Cyprus and owns nine multipurpose vessels. recapitalization of the country’s biggest bank. In this way, Cyprus will remain an attractive international business centre and if in the future resident shipowners may even be able to conclude ship financing, something that has always been attractively offered by major European banks and now increasingly by American interests, then the future seems bright. We are ready to take advantage of such financial opportunities if they are presented locally. Most important is a continuous proactive reliable approach by the recently appointed Government towards our European Partners. Österreichischer Lloyd is very content for its vessels to be sailing around the world while the company stands firmly on Cypriot soil. The high quality standards of the Cyprus Flag and the services provided, in combination with a number of fiscal, economic and benefits, continue to make Cyprus the ideal choice. I sincerely have no wish to add insult to injury to those who have suffered financially in Cyprus because Cyprus has been part of a global crisis, but one has a choice: either panic or trust that all will be well in the long run! There is a great opportunity now for taking positive steps forward for the better but President Anastasiades is now bound by his words! We need an Under Secretary for this important industry and we need to promote the Cyprus flag worldwide much more! There is a great opportunity now for taking positive steps forward for the better CONTACT DETAILS ÖSTERREICHISCHER LLOYD SEEREEDEREI (CYPRUS) LTD P.O. Box 57280, 3314 Limassol Tel: [phone] Fax: [phone] e-mail: [email protected] Website: www.oelsm.com