28th Feb 2020
Tassos Stylianou and Eri Kozakou from our firm attended the 4th Annual Capital Link Cyprus Shipping Forum in Limassol on 25 February 2020. The event was highly attended by prominent industry leaders, each of whom provided insight into the recent developments of the shipping industry in relation to their respective sectors.
Natasa Pilides, the Deputy Minister of Shipping, gave an informative speech regarding the positive and promising progress of shipping in Cyprus. This being one of her first speeches after the official Brexit, she stated that Brexit will not unduly affect Cyprus shipping, however, British shipping companies are no longer considered European and, therefore, cannot fit into Cyprus’ favourable tax system unless the necessary changes are made so that they may be considered European.
The Cypriot banking sector was particularly well-represented at the event. Presentations were made around the banks’ approach towards shipping financing. The representatives reiterated the importance of cautious lending, something which was backed by the Governor of the Central Bank of Cyprus.
Information on our firm’s shipping practice may be found here.