Cyprus Plans to Abolish Initial Ship Registration Fees

Cyprus continues to address every facet of its maritime offering to lure more ship owners to the island. The country’s deputy minister for shipping Natasa Pilides has revealed plans to abolish initial ship registration fees to boost one of Europe’s fastest growing flags.

Members of parliament will vote on the issue later this month with a view to making the regulation official in time for Cyprus’s shipping week, which kicks off on October 6, the Splash247 reports.

The Cypriot register today is the 11th largest in the world with 24.4m gt on its books.