Eugen Adami wista med conference presentation 2012
WHY CYPRUS? An Optimal Business Base WISTA MED 2012 Le Meridien Hotel, Limassol 23 June 2012 • President of WISTA Cyprus, • President of WISTA International, • Distinguished Guests, • Ladies and Gentlemen!On behalf of the Cyprus Shipping Chamber, it is with great pleasure that I address the WISTAMED 2012 Conference. I wish to extend a warm welcome to everyone who have come fromabroad especially to be here with us today and also express our appreciation and special thanksto WISTA Cyprus, for the organisation of this Conference. We feel proud to mention that WISTACyprus is a Member of the Cyprus Shipping Chamber, and an example of an organisation thatstrives for success.WISTA Cyprus and WISTA International are both key players in attracting more women to theShipping Industry, in order to enhance their competence and empower their career success.For this reason, we acknowledge WISTA as a true professional and highly reputable shippingorganization, which may be described as the “Voice of Women in Shipping”. We urge you tocontinue your mission and the excellent work that you carry out!Turning now to the overall theme of the Conference, I will provide a brief outline of the CyprusShipping Chamber’s Activities and I will also try to give you the Shipping Forecast.The Chamber’s main aim and objective is to continue to focus towards the continuousimprovement of the shipping infrastructure of Cyprus, the enhancement of the reputation of theCyprus flag and the safeguarding of the interests of our Member-companies locally as well asinternationally. The Chamber’s ultimate aim is to make the Cyprus flag, even more competitive,
and retaining and enhancing further the attractiveness of Cyprus as a major location for carryingout Shipping activities.The new Cyprus Shipping Taxation System represents a great tool for expansion and furtherstability, and as such, the Cyprus Shipping Chamber will make sure that it will be fully exploited,maintained, and even extended to more shipping activities. The Shipping Chamber, in closecooperation with the Cyprus Maritime Administration and the Cyprus Investment PromotionAgency, will continue to advertise the advantages and benefits of this new Tonnage TaxationSystem around the world and especially in Europe, in order to attract more quality ships to theCyprus Register and convince more Shipping Companies to establish their offices in Cyprus.The combination of the new competitive Tonnage Taxation System, the possibility of anupgraded Maritime Administration Structure, and with the potential lifting of the TurkishEmbargo on Cyprus ships, the future of Cyprus Shipping is looking very positive indeed.It will be a great omission on our part, if we did not mention that Cyprus has now in place apioneering and detailed legislative framework for lawfully using armed escorts by speciallytrained and certified guards onboard Cyprus flag ships. As such, Cyprus is the first country inthe European Union, and possibly internationally, which regulates in such detail this burningissue for International Shipping. Cyprus is also one of the first 28 countries that have ratified theMaritime Labour Convention (MLC) 2006, and as such, it fulfils the Flag State commitmentsunder the Convention with respect to ships and seafarers under its jurisdiction.There is no doubt that, Cyprus has been transformed into one of the largest, “all-embracing”Shipping Centres within the European Union and globally. But at the same time, the WorldFinancial Crisis continues to influence negatively the Shipping Industry worldwide, as well as theCyprus Economy.The current oversupply of ships has plagued the freight markets during these past fewmonths, and with worse things on the horizon, from the point of view of tonnage supply, new-building ordering activity should be put on a stand-still, at least until demand picks up in themarkets.
And as if this is not enough, Banks, and especially those dedicated to ship finance andoperations, have completely stopped or severely cut down the volume of ship finance madeavailable to the Industry. They are unwilling to issue letters of credit, thus adversely cripplingthe ability of shipping companies to cover their daily operational needs. Banks therefore, needto understand that they must continue offering these necessary financial services to their long-standing shipping clients, in order not to force their clients to go under, and avoid exposingthemselves to further major write-downs.Whilst the World Financial Crisis continues to influence negatively the Shipping Industryworldwide, as well as the Cyprus Economy, it is a paradox that the circumstances for Cyprusare very favourable. And in these difficult times, opportunities must not be missed!Cyprus is now also on the verge of yet another major breakthrough!The recent discovery of Natural Gas in the Exclusive Economic Zone of Cyprus creates evengreater prospects for the country as a whole, and there is no doubt, that the Shipping Industrywill play a key role in the need of gas and oil transportation by sea. Cyprus can develop into animportant Energy Centre in the Mediterranean. Strategic partnerships with careful managementand well-prepared development plans can create new and vibrant Shipping and Energy projectswith great financial benefits for the Cyprus Economy. At the same time, this important businessdevelopment will offer Cyprus and by extension, Europe, even greater political influence on aregional and global level, in matters concerning Energy and Shipping.Cyprus has reached a critical point and it is about time to get new insights into dealing with toppriorities in the most effective way. With the increasing financial burdens clouding Europe’sfuture, it is crucial for Cyprus now to ascertain how to explore and manipulate newopportunities to navigate with these new discoveries out of the economic crisis.In this journey, the Cyprus Shipping Chamber is committed to assist and support the CyprusGovernment to forming new business alliances and important strategic relations and of coursedetermine how the new energy era will bring about a wealth of positive change in these stormywaters.
Concluding, on behalf of the Cyprus Shipping Chamber, I would like to express the Chamber’sappreciation to WISTA Cyprus for their continuous support and cooperation. We wish WISTAevery success for the future and to all of you who have come from abroad a productive andenjoyable stay in Cyprus.Thank you.