Cyprus targets Asia shipping!

Cyprus has been trying to limit the influence of shipping restrictions imposed on Russia after the invasion of Ukraine in February 2022. Learn more!

The shipping industry in Cyprus is considered to be a vibrant and resilient sector which renders it one of the most successful and financially strong industries of the island. For this reason, it is a very important pillar of the Cyprus economy, offering to the island a number of benefits. Although Cyprus has suffered a loss in many industries due to EU sanctions against Russia, including Russian maritime trade, it seems that the island is already in the process of recovering from this loss.  This is mainly because of the business expansion that currently takes place in the Mediterranean shipping hub, targeting on Japan, and generally in Asia, for their shipping businesses. Admittedly, Cyprus, together with Greece and Malta, which have the largest shipping fleets in the European Union and host large ship-management centres, have been trying to limit the influence of shipping restrictions imposed on Russia after the invasion of Ukraine in February 2022 and, in effect, have expanded their activities elsewhere.

Cyprus Shipping Deputy Minister Vassilios Demetriades has stated that the Register of Cyprus Ships does not actually depend on ships that connect with Russia, despite the prevailing opinion that they do, as he told Reuters. He was quite reassuring that Cyprus’ goal and strategy is to avoid depending on any nation but aims to keep acquiring multi-dimensional shipping clients from various parts in Europe. What is also important is that he confirmed that the necessary steps have been taken for start expanding in Europe, Japan, as well as in wider Asia. However, Cyprus had some ships that were registered from the Russian-state-run shipping group Sovcomflo. Nonetheless, this form a small number out of the total of 1,100 registered, as the minister explicitly stated. While the Register of Cyprus Ships has already deleted some ships that are connected or managed by Russia, while some others are in the process of being deleted, these losses are not worrisome and will not affect the Cyprus registry. Mr. Demetriades clarified though that the owner has the right to choose the vessel flag and this is why there is a number of ships linked to Sovcomflot still flagged with Cyprus although the company has reassured officials that other arrangements are in the process of being implemented in due time despite some technical difficulties.  

These events have definitely motivated Cyprus to target Asia shipping in order to provide more business opportunities to its existing and potential clients and, simultaneously, foster a positive environment for shipping personnel so as to operate and connect with customers in the most successful manner. The ultimate goal is for shipping businesses to evolve their portfolio in order to offer many different solutions to their clients. Admittedly, Asia is a huge market, and hence the opportunities it may offer to the shipping sector are plenty and of great importance. Overall, the island will always strive to be an integral part of global shipping and, at this point, a closer collaboration with Asian countries seems to be the most effective and fruitful strategy.  

Columbia movers, as a leading provider of moving and storage services for both corporate and residential customers in Cyprus, are committed to do their best for fulfilling their customers’ every need. This is precisely why the company’s #1 priority is to be up to date with the changes that occur in the shipping industry so as to serve its customers in the best possible way.

Comments for this post are closed.