Cyprus Parliament approves the abolition of initial Ship Registration Fees

The Deputy ministry of Shipping has issued the Merchant Shipping (Fees and Dues with respect to Ocean Going Commercial Cyprus Ships) Regulations of 2019 (P.I. 322/2019), aiming to rounding up fees, grouping service fees as well as abolishing the initial ship registration fees for sea-going vessels.

The new fees and dues are applicable as from 27 September 2019. The key changes which are introduced are the following:

1. Abolition of the initial registration fees and of all fees for services that are no longer offered by the Department of Merchant Shipping.
2. Grouped and simplified services to reflect the contemporary needs of the shipping industry.

This positive development aims to boost the Cypriot Registry’s competitiveness and attract more ship registrations. At present, the Cypriot Registry ranks 3^rd among EU countries and 11^th in the world, with 1,100 ships being registered under the Cyprus flag with a total tonnage of 24.4 million gross tons.

Our Shipping and Maritime Law team can advise and assist you on all aspects of Ship Registration, including transfers and deletions.