?Facing this crisis has been a huge challenge, but we are hopeful that through correct and careful management, the Cypriot shipping sector will soon emerge from these difficult days.?
The Shipping sector is facing serious challenges as a result of the international financial crisis, Communications and Works Minister Nicos Nicolaides said yesterday. Despite current problems, the shipping community was confident that better days werea head, he said. ?We all hope that we are approaching the end of the crisis and that better prospects and opportunities for shipping will soon surface. During the course of this financial crisis, the shipping sector should focus on quality, safety and efficiency, investing in human capital and new technologies,? Nicolaides said in his address to an international shipping seminar held in Limassol yesterday.
Titled "Shipping Before Dawn", the seminar was co-organised by the Cyprus Shipping Chamber (CSC) and the Baltic and International Maritime Council. The seminar examined whether the international shipping sector was close to the dawn of a new start following the adverse impacts of the international financial crisis.
?Facing this crisis has been a huge challenge, but we are hopeful that through correct and careful management, the Cypriot shipping sector will soon emerge from these difficult days with the least possible consequences,? added Captain Eugen Adami, President of the CSC.
The seminar also addressed the other challenges faced by Cypriot shipping, including the embargo on Cypriot ships imposed by Turkey. ?The continued Turkish embargo on ships under the Cypriot flag, that Turkey is illegally and unilaterally imposing not only affects Cypriot shipping interests, but also the shipping interests of the EU,? said Adami. ?The CSC will continue its efforts, in cooperation with the Cyprus government and the EU so that the embargo is finally lifted.?
Meanwhile, the state expressed its support for the expansion strategy of the Cypriot shipping sector by promising to provide better tax conditions. ?The Cypriot shipping sector is the third largest in Europe and tenth in the world. We seek to increase that power and attract more shipping companies through the tax incentives that will be given through a new shipping-tax system,? Adami said.