Shrugging off Russia maritime business loss, Cyprus targets Asia shipping


Cyprus-flagged oil item tanker “Prisco Elena” (C) and other oil tankers are noticed versus the skyline of the central organization district (CBD) in Singapore April 18, 2012. REUTERS/Tim Chong/File Picture

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LONDON, July 21 (Reuters) – Cyprus has presently triumph over the loss of Russian maritime trade due to European sanctions and the Mediterranean shipping hub is chasing enterprise expansion in Japan and somewhere else in Asia as it seems to be to mature its flag, a senior federal government official mentioned.

Cyprus, jointly with Greece and Malta, which have the most significant transport fleets in the 27 member EU and host huge ship-administration centres, have been the most vocal nations around the world in the bloc in search of to limit the extent of shipping limits imposed on Russia after its February invasion of Ukraine.

“Opposite to reports, the Sign up of Cyprus Ships is not dependent on ships of Russian passions or connected with Russia,” Cyprus Transport Deputy Minister Vassilios Demetriades told Reuters.

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“Our strategy is not to count on any country. We do have multi-dimensional shipping and delivery purchasers that attracts company from different segments in Europe and we are wanting to broaden in Europe and Japan and wider Asia.”

Demetriades explained Cyprus experienced some ships registered from Russian-state run transport team Sovcomflot.

“There is a Russia ‘link’ to a modest variety of Cyprus ships out of the total of 1,100 registered.”

He added that pursuing programs created by ship entrepreneurs “a amount of ships have been deleted from the Sign-up of Cyprus Ships or are in the procedure of deletion”.

“These ships surface to be connected with Russian interests or to be managed from Russia,” he stated.

“So much, the losses are manageable and are not hazardous to the Cyprus registry. Nonetheless, we require to strain that the preference of the flag of the vessel is the prerogative of the homeowners.”

In accordance to investigation by knowledge company Lloyd’s Listing Intelligence, 15 ships linked to Sovcomflot were being nonetheless flagged with Cyprus.

Sovcomflot, which has been strike with EU and United kingdom sanctions as very well as funds increasing limitations in the United States, did not reply to a request for comment.

“With respect to Sovcomflot, it is noted that the organization has now produced other options considering that it is quite hard for them to run from Cyprus and their workplaces are now closed,” Demetriades claimed.

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Added reporting by Reuters reporters, Modifying by William Maclean

Our Standards: The Thomson Reuters Rely on Rules.

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