Shipping & Transport, Elias Neocleous & Co LLC updates

Cyprus

Contributed by Elias Neocleous & Co LLC
Tonnage tax: countries whose ships are subject to surcharge
  • Cyprus
  • 19 December 2018

The Merchant Shipping (Fees and Taxing Provisions) Law 2010 imposes a surcharge on the tonnage tax payable on qualifying vessels registered in countries which appear on the 'grey list' or 'black list' of the Paris Memorandum of Understanding. On the basis of the 2017 annual report of the Paris Memorandum of Understanding, the Deputy Ministry of Shipping has determined a list of flags that are included in the relevant grey or black list for the purposes of calculating tonnage tax for 2018.

Publication of latest Central Bank of Cyprus ship management survey
  • Cyprus
  • 21 November 2018

Cyprus is one of the world's most important locations for ship management, with approximately 60 ship management companies operating in its territory. Since 2009 the Central Bank of Cyprus's statistics department has carried out semi-annual market surveys which collect data on the financial transactions between Cyprus's resident ship management companies and non-residents of Cyprus. The most recent survey, which covers the first half of 2018, was published on 1 November 2018.

Ballast Water Management Convention enters into force
  • Cyprus
  • 24 October 2018

The Deputy Ministry of Shipping recently announced that the International Convention for the Control and Management of Ships' Ballast Water and Sediments will enter into force in Cyprus on 8 November 2018. The Cyprus shipping authorities will apply the requirements of the convention to ships that fly the flag of a country which is not a party to the convention to the extent necessary to ensure that they are not treated more favourably than ships flying the flag of parties to the convention.

English translation of merchant shipping law made available
  • Cyprus
  • 10 October 2018

The Deputy Ministry of Shipping has announced that an English translation of the Merchant Shipping (Recognition and Authorisation of Organisations) Law 2011 is now available on its website. The law sets out common rules and standards for organisations that inspect and survey Cyprus-flagged ships and regulates dealings between such organisations and the Cyprus Maritime Administration. The definitive text of the law is in Greek and the translation is for information purposes.

Carriage of goods by sea: principles of agency and functions of bills of lading
  • Cyprus
  • 29 August 2018

A recent Supreme Court decision considered the principles of agency and functions of bills of lading and provided a useful summary of this area of law. The case demonstrates the importance of expressly specifying the capacity in which various parties are acting when negotiating or entering into a contract – for example, whether they are acting as principals in their own right or as agents on behalf of someone else.


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