Cyprus maps out incentives to attract new shipping companies

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The Deputy Ministry of Shipping has commissioned a study to identify the industry’s needs and draw up measures and incentives to attract new shipping companies, technology firms and specialised services to Cyprus, Deputy Minister Marina Hadjimanolis said on Wednesday.

Speaking at a conference in Limassol titled ‘Is maritime technology delivering? From business performance to life at sea’, Hadjimanolis said the aim was to strengthen Cyprus’s competitiveness as an international shipping centre and turn it into a place where new maritime technologies are developed, tested and used.

The study will cover the full range of shipping services now offered in Cyprus, identify gaps and challenges, and make specific proposals for new business activity. It will focus on maritime technology, software development, digital solutions, research and innovation, as Cyprus seeks to expand its shipping sector beyond traditional ship management.

Hadjimanolis also said shipping and maritime transport are among the five sectors of the economy covered by the new National Strategy for Artificial Intelligence 2026-2032, which the Cabinet approved on Tuesday. The strategy aims to introduce AI where it can add real value, by improving companies’ efficiency, safety and competitiveness.

Digital services

The deputy ministry is also digitalising its administration through the CYSh1P platform. Hadjimanolis said the platform is designed to simplify procedures, cut red tape, increase transparency and speed up services for shipowners, ship managers and other professionals in the industry.

She said Cyprus has significant advantages, including close cooperation between the shipping administration and businesses, a large concentration of shipping companies and ship managers, research capabilities and a growing start-up community.

The debate on technology in shipping should now move from what new systems could do in theory to the measurable results they deliver, she said. She named the key tests as greater operational efficiency, better decision-making, improved safety and resilience, and better working conditions for seafarers.

Technology companies and start-ups need to understand the shipping industry’s real operational needs, and shipping companies need access to practical, scalable and commercially viable solutions, she said. The state’s role, she added, is not to decide which technologies companies use but to provide a predictable regulatory framework and modern administrative services, and create opportunities to develop and test new applications.

Training seafarers

Hadjimanolis said seafarers increasingly work on more advanced ships and use complex digital systems, so investment in education and continuous training is needed. The green and digital transition in shipping must go hand in hand with preparing workers, so that the industry remains attractive to younger generations, she said.

She said the innovation Cyprus seeks to support should make shipping more competitive, safe and sustainable, reduce operational complexity, and support the human factor rather than replace it.

She also pointed to Cyprus’s consistent support at EU level for digitalisation and innovation initiatives that make European shipping more sustainable and resilient.

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