CSC Annual General Meeting

01.06.2022

On 3rd of May 2022 a member of our Board of Directors, Mr. Adam Barecki had a big honour to represent the company at the 33rd Annual General Meeting of the Cyprus Shipping Chamber. The meeting was held in the beautiful scenario of the 4Seasons Hotel in Limassol, Cyprus. The Cyprus Shipping CHamber is the trade association of the shipping industry in CYprus. The main purpose of teh Chamber is to promote the interests of Cyprus Shipping and further the reputation of the Cyprus Flag.

The meeting was open by Mr. Themis Papadopoulos, President of the Chamber. Aftet a warm welcome, he stressed that 2021 was another very challenging year for the shipping industry. Covid-related issues, logistical and crew change problems and inflationary pressures all combined to make the past year a difficult one for all owner and operators. He ensured that the Cyprus Shipping Chamber has been very active in working closelt with the Government here in Cyprus and with the relevant international bodies abroad in order to safeguard the industry’s interest and to promote the safety and wellbeing of the crew and ships of member-companies. The election of the former president of the Chamber, Mr. Philipos Phillis, as a Chairman of the European Community Shipowners’ Associations (ECSA), and the election of the current President of the Chamber, as a Vice-President of the International Chamber of Shipping, were announced as a great success of the Cyprus, as he stated „We have managed to ensure that the voice of Cyprus has been one of the leaders in securing our industry’s interests.” It was also mentioned that the Cyprus Shipping Chamber continued its efforts to respond to the changing regulatory landscape, with the main being the ongoing efforts and negotiations at the International Maritime Organisation and the European Commission relating to the industry’s actions to face climate crisis. The shipping insudustry is working strategically to meet the required environmental objective and find feasible envoronmentally friendly solutions for the industry’s greener transformation. As developments leat shipping to improve of a 50% reduction in global GHG emmissions by 2050, there should ne equivalent movements that support investment in research and development, as it is acknowledged by all that decarbonisation will only be possible with the development of fuels and etchnologies that do not currently exist. Taking into account the fact that sea transportation is one of the friendliest climate and environmental means of commercial and passanger transport, and the very complex characteristics of teh shipping insudtry, the Cyprus Shipping Chamber lobbied for the adoption of envirnomental policies, which are nonetheless realistic and workable in practice. In closing, on behalf of the Chamber. he expressed sincere appreciation to all chamber partners and business associates, the Cyprus Government, the House of Representatives as well as all teh Chamber’s member-companies for excelent cooperation and support.

Then the floor was given to the Shipping Deputy Minister, Mr. Vassillios Demetriades. On behalf of the President of the Republic of Cyprus, Mr. Nicos Anastasiades, who unfortenately cannot participate in the meeting in person, the Deputy Minister had read the message from the President. It was noted that Cyprus shipping has proven to be an invaluable asset for the Cyprus economy and has proven catalystic particularity in recent years towards the steady recovery of Cyprus economy, with the Cyprus fleet ranked 11th in the world and 3rd in the European Union. Cyprus is the largest ship management center in EUrope and one of the largest in the world. The shipping companies that are included in the Tonnage Tax Sytstem have almost tripled in the last decade. All that, in combination with the excellent country infrastructure, strategis location indicate a promising future. It was mentioned that the Government recently acounced the „Sea Change 2030”, a national strategy and vision for the shipping sector for the years to come, with flexibility, competitiveness and modernisation being key objectives. The new strategy is expected to lay the foundations for strenghtening the competitiveness of the Cyprus Registry and its shipping product, for the effective handling of the increasing demands of modern shipping, as well as the current and future challengs arising from international and regional economic and geopolitical developments.

At the end the floor was given to Mrs. Annita Demetriou, President of the House of Representatives. She stated that the CSC’s contributions to the prevention of the disruption of shipping activities vital to the sustenance of economic activity since beginning of the pandemic, have been multifaceted and included action both at the national and international level. She thanked that the Chamber , in cooperation with its international partners, tackled the ongoing crew change crisis through the pursuit of the international classification of seafarers as „key workers” as well as the implementation of a seafarers’ vaccination programme aimed at providing access to vaccines for seafarers in ports of call worlwide. It was mentioned that the European Union’s „Green Deal”, aiming at transforming the European economy into a climate neutral economy by the year 2050, and the „Fot for 55” package which constitutesthe vehicle for the attainment of the EU’s climate ambitions, pose new challenges for all sectors of the economy, and the maritime sector in particular. The proposed reform of the EU’s Emmissions Trading System aims at extending the coverage of the said system to maritime transport emmissions from 2030 onwords, the objective being that the total of maritime transport emmissions os covered from 2026 onwards. She said that the Cyprus Shipping Chamber, a cornerstone of the Cyprus shipping industry, has a central role to play in this common effort, since through hard work alongside its international partners to promote green shipping, safety, sustaibility and competitiveness. She ensured as a Parliamentarian, that the House of Representatives is well aware of the current challanges as well as those that lie ahead, and remains ready to support Cyprus’ shipping sector to fulfill its mission, through the adoption of bills of law and regulations that contribute to its further development, for the benefit of the economy and Cypriot society as a whole. The meeting was closed.