The election of Cyprus in the Council (Category C) of the International Maritime Organisation (IMO) in December 2023 was important at it had to face the hurdle of the Russian block, apart from the well-known Turkish opposition, Deputy Minister for Shipping Marina Hadjimanolis said on Tuesday.
Speaking to the 7th Capital Link conference, held in Limassol, Hadjimanolis said the Russian opposition came after the imposition of EU sanctions against Moscow following the Russian invasion of Ukraine in February 2022. Cyprus has been elected as a category C IMO Council member since 1987.
‘This re-election was important because usually we had to face the Turkish block, but this year we had to face the Russian block against to all European candidates, because of the EU sanctions,’ Manolis said in a discussion during the conference, adding that Cyprus had managed ‘to retain the same votes we had in 2021.’
Addressing the conference, Hadjimanolis said that shipping is going through ‘turbulent times’ due to the geopoliti
cal tensions, noting that the Cypriot government, along with other EU member-states announced its participation in the ‘Aspides’ operation for the protection of free shipping in the Red Sea.
‘The maritime sector is an integral part of Cyprus’ identity reflecting our historical ties and economic strength. With one of the largest fleets, Cyprus contribute significantly to the global shipping landscape playing a pivotal role in world trade end economic prosperity,’ the Deputy Minister added, noting that Cyprus with its efficient and integrated maritime cluster ‘demonstrates an unwavering commitment to global maritime governance.’
Furthermore, Hadjimanolis said global shipping is at a ‘crucial juncture witnessing the onset of a transformative era in maritime industry marked by complex challenges.’
‘Fuel and technology utilisation and autonomous shipping combined with green financing are the main challenges of the industry and set the key trends of the industry and the key trends for the future of shipping and
all these challenges are interconnected,’ the Deputy Minister added.
Hadjimanolis referred to the Cabinet’s decision in early-February to adopt further incentive via the government’s tonnage tax system for ships that engage in carbon-reduction, recalling that Cyprus has put in place incentives since 2021.
As the EU is moving to net-zero emissions by 2050, Hadjimanolis said ‘decarbonization emerges as the most significant challenge and opportunity of our sector’, noting however that alternative fuel needs to be available, needs to be cost-effective it needs to be compatible with existing technology.
The conference touched upon pertinent issues facing global shipping, such the shipping preparation for net-zero, the global regulatory landscape, the optimization of ship management and fleet performance, ship finance and the benefits of ESG in shipping.
Source: Cyprus News Agency