The Cyprus Weekly - Shipping

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shipping

FRIDAY OCTOBER 14 2016

The blue economy

The blue economy.

Photo courtesy of Action PR

The Cyprus University of Technology hosts a conference on maritime development

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he Cyprus Weekly marks the workshop that takes place at the Cyprus University of Technology (CUT/TEPAK) today with a special supplement, focusing on the maritime sector and the prospects for ‘blue’ growth.

The conference, entitled ‘Towards the Development of the Blue Growth Economy: Opportunities in Cyprus’, is co-organised by CUT and the European Parliament Office in Cyprus, and is held under the auspices of the Minister of Transport, Communication and Works, Marios Demetriades.

Limassol Municipality and the Blue growth includes Europe Direct Information Centre in Limassol are also supportsectors such as aquaculture, ing the event. coastal tourism, marine Over 10 dedicated pages we biotechnology, ocean interview the Minister for Transport, Communications and energy and seabed mining Works, Marios Demetriades, CUT Professor of Shipping and Maritime Economics and Vice-rector for Economic Planning and Development Photis Panayides and the President of the Cyprus Shipping Association, Reginos Tsanos.

We hear from the leading experts on the prospects for blue growth and we also host articles from those involved in the industry.

Cyprus is already a leader in the shipping sector.

The country’s fleet of over 1,000 vessels with 21 million in gross tonnage is the third largest in Europe and the tenth largest in the world. The shipping sector accounts for some 6% of Cyprus GDP, mostly in the form of foreign direct investment.

However, there is room for even more growth, especially after the commercialisation of the Limassol

The blue economy also encompasses marine life and tourism

port earlier this year and the prospects for natural gas, a sector which makes a great deal of use of the shipping sector.

Blue growth is about more than shipping and hydrocarbons, however. It is the name given to the EU’s long-term strategy for supporting sustainable growth in the marine and maritime sectors as a whole.

Blue growth includes sectors such as aquaculture,

coastal tourism, marine biotechnology, ocean energy and seabed mining.

For this reason, special focus will be given during the workshop today on the prospects for economic development of coastal regions like Limassol, where an appropriate strategy could lead to the creation of new jobs and growth, while maintaining biodiversity and protecting the marine environment.

FRIDAY OCTOBER 14 2016

SHIPPING

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Photis Panayides is Professor of Shipping and Maritime Economics and Vice-rector for Economic Planning and Development at the Cyprus University of Technology (CUT), making him expertly placed to discuss maritime matters, the planned ‘Blue Economy’ conference and the university’s future prospects

A blue university

A building at the Cyprus University of Technology

Maritime affairs, the ‘Blue Economy’ and CUT

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ell us why CUT is sponsoring this conference?

The Cyprus University of Technology has a close interest and affinity in the development of the ‘Blue Economy’ and therefore it was fitting that it would be sponsoring and co-hosting this event. In particular, CUT was the first University in Cyprus to establish high-calibre programmes of study that relate to the ‘Blue Economy’ and those include its Bachelor of Science and Master of Science programmes in Shipping and Finance.

However, the Blue Economy is not just about education it is also about scientific research and CUT through its members of academic staff has been an important leader, participant and contributor of scientific programmes of research internaThe Blue Economy and tionally in subjects that relate to economics, business, technology, engineering CUT are important and the blue economy environment to springboards to spur name but a few. further growth and How else does CUT work with development in Cyprus the private sector? (In shipping or other sectors) I would say that the shipping sector in Cyprus is one of the most important partners for CUT and the University reciprocates with the requisite professionalism and dedication accustomed with its own values and those of the Cyprus shipping industry. We have forged close collaboration with the industry in terms of an internship programme that sees our students placed in shipping companies for a five-week Summer period during their studies. In addition, we invite individuals and organisations to parTHE CUT was ticipate in events that we organise and also attend relfounded in 2004 evant events of the industry. We also collaborate with and is already the private sector, including the shipping industry on a ranked among number of research projects as the industry is the final the top 500 user of many research project outcomes. The bottom universities line is to be able to make a difference through the disworldwide semination of research results and the adoption of new knowledge and new expertise that the University masterfully incubates.

What is the conference focus?

The event is appropriately titled ‘Targeting the Growth of the Blue Economy’. It focuses not just on the economic aspects of shipping and the contribution of shipping to an economy which in the case of Cyprus is substantial in terms of jobs, government revenues and foreign direct investment as noted by one of the event’s speakers. Rather it also focuses on other aspects with growth potential like protection and preservation of the

marine environment, nautical research and technological innovations as well as the prospects for maritime related jobs and careers in Cyprus. The Blue Economy perspective has a very broad range and may include aspects like marine science, marine biology and fisheries, maritime technology, ship repairs and marine engineering, marine archaeology, navigation, marine architecture and marine environmental science and all those areas that relate to maritime and sea preservation and economic growth.

What kinds of shipping-related courses does CUT offer?

CUT, through the Department of Commerce, Finance and Shipping, offers the undergraduate course BSc in Commerce, Finance and Shipping and the postgraduate courses MSc in Shipping and Finance and MSc in Shipping and Business. Currently the Department is exploring options for collaborations with other Universities for joint programme development and delivery.

The academic staff members of CUT have close research and scientific collaborations with many renowned researchers and Universities across the world. The CUT encourages and invests in such collaborations through its research budget, whereas the Departments of the University invest most of the income generated by their postgraduate programmes in research activities, networking and collaborations. This strategy has already paid off as the CUT was recently ranked by the Times Higher Education World University Rankings as among the top 401-500 Universities globally, owing largely to its interna-

PHOTIS Panayides is Professor of Shipping and Maritime Economics and Vice-rector for Economic Planning and Development at the CUT

tional outlook and the number of recorded citations of its academic staff.

What do you see as the main role of the Cyprus University of Technology in facing the challenges for shipping in Cyprus, and globally?

The CUT hosts a wealth of untapped talent and potential that, if guided properly, can develop a multitude of local and global solutions to the challenges posed. Our role is to educate and research for the benefit of society but to fulfil that role we already possess the best human resources, primarily due to our rigorous recruitment policy for academic staff.

However, the talent potential at CUT does not come from the skills and competencies of a single individual, not even from those of a group of individuals in the same or similar field, for example in the field of shipping economics or shipping finance. Rather what is really important and, at the same time, spectacularly intriguing is the potential of inter-disciplinary teams working together on blue economy related research projects as well as interdisciplinary educational programmes.

If we are able to bring together mechanical engineers, information technologists, environmental scientists, mathematicians and maritime economists to pursue joint research projects, and if we are able to instil educational specializations like nautical engineering in the curriculum of our mechanical engineers, then we would have made great strides in fulfilling key roles of the University which is the advancement of knowledge and the enhancement of the employability of our graduates.

Any additional points you would like to make?

The Blue Economy and CUT are important springboards to spur further growth and development in Cyprus. The fact that our University invests in education and research in the Blue Economy is testament to our policy to deploy our best resources in areas where we can make real and immediate contributions for the benefit of the Cyprus economy.

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FRIDAY OCTOBER 14 2016

SHIPPING

Initiatives for growth

Transport minister Marios Demetriades outlines how the ministry is coordinating Cyprus’ strategy for blue growth

By Frances Miller

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MINISTER of Transport, Communications and Works, Marios Demetriades

he Ministry of Transport, Communications and Works is the main coordinator for Cyprus’ blue growth strategy.

The blue growth strategy forms part of the EU’s Europe 2020 strategy for smart, sustainable and inclusive growth.

It involves taking into account the inter-connectedness of industries and human activities centred on the sea. Whether the issue is shipping and ports, wind energy, marine research, fishing or tourism, a decision in one area can affect all the others.

Across the EU as a whole, the ‘blue’ economy represents roughly 5.4 million jobs and generates a gross added value of almost €500 billion a year. However, further growth is possible in a number of areas which are highlighted within the strategy.

In Cyprus the Transport Ministry has the job of coordinating this across ministries.

“Each ministry is responsible for certain actions, so teams have been formed under several ministries and we are doing the coordination,” Transport Minister Marios Demetriades told the Cyprus Weekly.

For the ministry’s part, it is working to increase human capital in the sector.

“We have several initiatives to promote the profession of the seafarers,” said Demetriades.

Each ministry is responsible for certain actions, so teams have been formed under several ministries and we are doing the coordination “For example, we are subsidising the training of cadets on board ships. We are also offering an amount for scholarships for marine engineers, captains and masters.”

These kinds of initiatives support the Cyprus shipmanagement sector, which is the second largest in the world but which has traditionally employed nonCypriots.

“We want to promote these kinds of professions as we don’t have a lot of Cypriots with experience onboard of ships,” said the minister.

The ministry is also working with universities abroad to increase shipping skills among the population.

“We have secured an increase in the number of university places in Greece for masters and marine engineers,” Demetriades.

The increase in places came in response to a direct request by the Cypriot government, the minister explained.

“This definitely helps the development of this profession,” he said.

The initiatives are part of a broad strategy to promote the shipping sector that was developed with EY. “In addition to incentives we have given for the development of merchant shipping, we have also implemented horizontal polices,” said Demetriades, referring to tax changes for highly-paid employees and non-domiciled people.

New opportunities The recent privatisation of the port can also support blue strategy.

“With the commercialisation of the port we would expect that additional activities would be developed,” he said.

“For example, we expect that the new port operator will start utilising the space to develop new activities.”

The port area is already going to be seeing gas facilities for the first time.

Last week Total signed a contract with EDT Agency Services Ltd, a subsidiary of the EDT Offshore Group, for an onshore logistics base services in the Limassol port.

Asked if Limassol would become a permanent base for gas facilities, following the closure of the temporary facilities in Larnaca, the minister said: “We have asked the port operators to provide spaces for the oil and gas companies and, if needed, we might develop additional space”.

Blue growth and maritime careers The Cyprus Shipping Chamber is at the centre of promotion efforts

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By Alexandros Josephides

The writer is Deputy Director General, Cyprus Shipping Chamber and Ambassador of the International Maritime Organisation (IMO)

lue growth is the long-term strategy to support sustainable growth in the marine and maritime sectors as a whole. Seas and oceans are drivers for the European economy and have great potential for innovation and growth. If we count all economic activities that depend on the sea, then the EU’s blue economy represents 5.4 million jobs and a gross added value of just under €500 billion per year.

In all, 75% of Europe’s external trade and 37% of trade within the EU is seaborne.

Blue economy and growth includes activities that relate to shipping: coastal tourism, passenger ferry services, yachting, marinas, ocean renewable energy, aquaculture, marine mineral resources just to name a few.

Cyprus is a leading maritime centre which combines a quality flag and a thriving resident shipping industry.

The resident shipping industry consists of more than 200 shipowning, ship-management, chartering and shipping-related companies. Today, job opportunities exist in all the above mentioned companies, but also in the public sector.

Maritime career opportunities can be pursued in the government, at the Department of Merchant Shipping, the Cyprus ports, the port police and Fisheries Depart-

ment. We should also add the development prospects of our oil and gas sector, which will add further career opportunities in the maritime field.

One of the aspects that the Cyprus Shipping Chamber has been promoting in a structured way over the years is the education of youth and wider society about career opportunities in shipping. The creation of a competent pool of properly educated and trained resident workforce will add to the attractiveness and sustainability of the Cyprus maritime sector.

Cyprus can also exploit its strategic position in the Eastern Mediterranean and, as an EU Member, can pursue blue growth projects with neighbouring Middle East region countries, an aspect that is also promoted by the EU. Areas such as cruise tourism, sea connections, port cooperation and maritime training can be exploited and developed.

All the above factors, combined with the now welldeveloped maritime education in Cyprus at state and private universities and at the newly-established Cyprus Maritime Academy, as well as the proliferation of technologically-advanced research companies, form the ingredients for a bright prospect of growth and career opportunities in the blue economy in Cyprus.

The Chamber has proposed the creation of an ‘In-

THE resident shipping industry consists of more than 200 ship-owning, ship-management, chartering and shipping-related companies

stitute for the Sea’ in Cyprus, which will broker cooperation among the shipping industry, research and educational institutions and technology companies to harness EU funding for projects. By combining the individual strengths of each sector, it will contribute to resource efficiency, job creation and new sources of growth, whilst safeguarding biodiversity and protecting the marine environment, thereby preserving the services that healthy and resilient marine and coastal ecosystems provide.

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FRIDAY OCTOBER 14 2016

SHIPPING

In an exclusive interview, Reginos Tsanos, President of the Cyprus Shipping Association and CEO of LAVAR Shipping, discusses the island’s maritime potential

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or those not so familiar with the shipping industry, there is a lack of awareness about the activities of the Cyprus Shipping Association and how it differs from the Cyprus Shipping Chamber.

Shipping is a complex industry, that requires specialised expertise at all levels of operations. And there is, indeed, a qualitative difference between the functions of the two organisations. The Cyprus Shipping Association (CSA), established in 1945, provides a professional forum for its members which are the leading shipping agencies in Cyprus, and is a member of FONASBA, the Federation of National Associations of Ship Brokers and Agents. The efforts of the CSA are focused on facilitating improvements in the Cyprus shipping industry, and in support of our members.

We see great value in the development of Cyprus as a maritime centre and a transshipment hub, in parallel to improvements in the operation of our ports and in the laws regulating the shipping industry. At the same time, we look to safeguard the provision of highquality services by shipping agents -in strict adherence to high ethical standards, protect the professional rights of our members, promote their common business interests and represent them in their dealings with the Government, the Legislature, the Port Authorities, the Department of Customs, Trade Unions and all other interested parties.

Please give us an overview of the shipping agent profession: Shipping agents play a hugely influential role in the country’s shipping trade and port affairs, and constitute a dynamic and progressive section of the business community of the island. In Cyprus, the Shipping Agents play a dual role, but they are mainly responsible for safeguarding the interests of their shipowners, both with regards to vessels’ operations, and marketing for cargo.

Secondly, the Shipping Agent is accountable to his Principals, acting as a Master Stevedore for the loading and discharging of vessels visiting Cyprus’ ports.

What opportunities does the new port management bring for the shipping sector in Cyprus?

Allow me to deviate a little. Our position has always been, whatever the status of the

port of Limassol, that serious improvements and advancements need to take place in order to upgrade its competitiveness vis-à-vis other ports in the region. The CSA considers that Cyprus, as a transshipment hub, can and should provide shipping lines with a first-class service at a very competitive price.

The package offered includes 24/7 service, 365 days a year, free port facilitation, priority berthing and a number of other advantages. Moreover, all auxiliary services required by the Ship Operator are also readily available in Cyprus, including bunkering services, ship and container repair facilities, and shipchandlering. Indeed, a promising transshipment sector is that of cars, for which CSA members are doing their utmost with the interested shipping lines and operators to attract business to Limassol port.

To return to your question, our wish is for the new management of the port to bring about the changes necessary to consolidate Cyprus’ position as a transshipment hub, able to serve every size of vessel trading in the region, and any scale of operation. We believe that the commercialisation of the port will bring about an improvement in productivity, as well as an upgrade of the image of

Photo by Stefanos Kouratzis

A thriving industry We see great value in the development of Cyprus as a maritime centre and a transshipment hub

the port of Limassol. However, the implementation of a new tariffs system must be considered very carefully, so as not to adversely affect the existing traffic in and out of the port, and must offer incentives for the development of new business opportunities.

How do you view the government’s efforts to promote shipping? What more can be done?

We see a number of steps in the right direction by the government, coming good on numerous statements of intent made by [Transport] Minister Marios Demetriades in the past, none more so than the impending announcement of the new position of deputy-minister for shipping. Another positive development has been the European Commission’s approval of Cyprus’ tonnage under the EU state aid rules. However, in the wake of the Brexit vote, it is unclear whether Cyprus will be in a position to attract ship-owning and ship-management companies registered in the UK. Cyprus’ competitive advantages are clear, but there is certainly more that can be done - by all stakeholders I must add - in marketing them overseas.

However, I must re-state the Association’s position that the Larnaca Port should be considered and upgraded, for both commercial purposes and to serve as Cyprus’ onshore hub for the oil and gas sector.

It is expected that developments in the hydrocarbons sector will bring opportunities for Cyprus, both during the exploration and production stages. How do you assess these developments?

The hydrocarbons sector is, in our opinion, one of the most dynamic and promising sectors for the Cypriot economy in the years to come. Despite the fact that it is still in its infancy, as shipping agents, we are already well-positioned to service all vessels involved in oil and gas, not just in Cyprus but for the region. However, a clear and secure regulatory environment still needs to be put in place in order to achieve the maximum potential of this sector. As I alluded to earlier, the government must also support the development of the necessary infrastructure to host the oil and gas support services, and avoid creating obstacles that only serve to make life difficult for those companies that are engaged in hydrocarbons exploration and exploitation.

FRIDAY OCTOBER 14 2016

shipping

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Maritime transport A strategic sector for the EU

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aritime policy is of utmost importance for the European Parliament (EP) since it is more than evident that maritime transport makes a substantial contribution, both directly and indirectly, to job creation in the EU.

By Andreas Kettis Besides, for the EP the Growth of Blue Economy i.e. the economic, environmental and social benefits we can yield from our seas, is central in the strategic approach vis-àvis maritime The economic, transport. In this regard, in July environmental and social 2013 the EP adbenefits we can yield from opted a resoluour seas is central in the tion on Blue strategic approach vis-a-vis Growth presenting what is Parmaritime transport liament’s roadmap for further advancement and seeking to revitalise the integrated maritime policy (IMP).

To this end, the EP recommended the following: (a) establishing maritime Andreas Kettis is Head of the spatial planning systems; (b) upgradEuropean ing infrastructure; (c) creating access Parliament to professional skills; and (d) securing Information appropriate funding (for example, Office in Cyprus through new rules for venture capital).

Importantly, the EP also reiterated the paramount importance of the themes of: (i) maritime skills and employment; (ii) research and innovation; (iii) the EU share of shipping and shipbuilding, as well as the need for the Commission to shortly make the necessary legislative proposals for the creation of the ‘Blue Belt’, including the necessary revision of the EU Customs Code.

It is a happy coincidence that only a few days ago, the European Commission published an implementation report on the EU Maritime Transport Strategy covering the period 20092018. The report presents developments and achievements of the recent past (covering the years 2009-2015) whilst highlighting the areas where further work is needed. It provides a good overview of all the maritime transport policy activities and a good starting point for the modernisation/ review exercise in 2017. The report highlights the following points: On Maritime Safety, there is an extensive and successful legislative framework in place but constant updating of certain rules is needed thus ensuring effective enforcement.

On Digitalisation and Simplifica-

The MSC Zoe, the biggest container ship in the world, sails into harbour in Hamburg, Germany

tion, the aim is to increase the attractiveness and competitiveness of maritime transport by establishing a harmonised EU single window and replacing the required cargo documents with one single e-Manifest.

On sustainable shipping, the EU is working towards amending the Directive on port reception facilities and in developing (through EMSA) the systems to support the enforcement and the monitoring of the Directive.

On decarbonisation, the global system for the monitoring, reporting and verification of GHG emissions from ships which is expected to be adopted soon will determine if an adaptation of the current EU legislative framework is needed.

On seafarers and maritime professions an evaluation/simplification exercise of the relevant legislative framework is foreseen, namely on the Directives on the minimum level of training of seafarers and on the mutual recognition of seafarer certificates.

To conclude, the Commission’s report could help Cyprus’ competent authorities to check whether national legislation, administrative practises, aims and objectives are fit for purpose to effectively meet the challenges of the sector. Cyprus shipping industry is ranking very high on the EU list and all stakeholders concerned need to continue investing in this promising sector for Cyprus and its economy.

A full range of shipping services

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ichael Kyprianou & Co LLC has a long tradition in providing a full spectrum of legal services to the shipping sector.

The company’s shipping links date back to the first years of the firm’s establishment.

The law firm’s offices in Cyprus, Greece and Malta have been assisting clients involved in the shipping industry, offering legal advice and other ancillary services.

The maritime and admiralty team consists of experienced commercial and litigation lawyers, acting for various ship owners, charterers, ship managers, financial institutions and other shipping-related entities. The team’s practice includes advising on and negotiating transactions, issuing legal opinions on a range of ship financing transactions, guarantees, securities and other documentation, as well as undertaking registration and deletion of ship mortgages at the Cyprus Ships Registry.

The maritime and admiralty team further provides advice and assistance in relation to vessel registration under the Cyprus flag and the chartering, sale and purchase of ships

Locations:

and shipbuilding as well as the financing of these activities.

Moreover, the admiralty department offers legal advice on a wide range of contentious matters, having both wet and dry shipping capability. The team’s experience includes, inter alia, advising on charterparty disputes, bills of lading, claims for loss or

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damage to cargo, marine insurance, ship arrest, limitation of liability and personal injury claims as well as representing clients before the Admiralty Court.

Partners Tonia Antoniou and Lambros Soteriou head the maritime department.

Lambros Soteriou deals with Ship Registration and International Tax Planning of shipping corporations and individuals while Tonia Antoniou is an expert in Ship Finance, advising owners and banking institutions.

Managing Partner Menelaos Kyprianou heads the admiralty department advising and representing clients in maritime disputes. Menelaos is often praised by legal directories for his practice in litigation and arbitration. Partner Savvas Savvides heads the firm’s Paphos office. Savvas was awarded as a Leading Lawyer in Cyprus by the Citywealth Leader List 2015.

Michael Kyprianou & Co LLC is recommended by the International Legal Directory “Legal 500” for its practice in maritime and admiralty law.

The calibre of the firm’s lawyers and their dedication to providing clients with practical

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FRIDAY OCTOBER 14 2016

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Supplying peace of mind Island Oil’s success rests on respecting customers

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ounded in 1992, Island Oil Limited will be celebrating its milestone 25th year in a few months. For a number of years, Island Oil was the spearhead of what eventually evolved into Island Oil (Holdings) Ltd, a group of companies which currently employ 230 shore and sea personnel, operating in 8 countries. The group’s activities include Island Oil participates physical supin efforts to strengthen the ply and trade of marine fuel Cyprus economy in oil, marine sectors characterised spare parts and equipby intense international ment, shipcompetition ping agents, domestic fuel supply, vessel ownership and shipmanagement.

Headquartered in Limassol, the company has additional offices in Piraeus, Haifa, Singapore, Constanta, Odessa, Nice and Dubai with physical

supply stations in Cyprus, Romania and Israel, as well as share-holding in a fuel depot in Ukraine.

Island Oil’s commitment to quality is reflected in the company’s ISO 9001:2008 certification by DNV-GL for the physical and trade supply of marine fuels and lubricants and the provision of ship-agency services.

Further, two of the group’s vessels, the M/T ‘Alexandria’ and M/T ‘Amalthia’, managed by the group’s Petronav Ship Management Ltd., were awarded by EMSA (European Maritime Safety Agency) the contract for Stand-by Oil Recovery for the Eastern Mediterranean Sea and Northern Black Sea, respectively. Both vessels are under Cyprus flag, as are another 6 of the company’s vessels.

This week, the 4th Quarterly EMSA Drill was performed on the M/T ‘Alexandria’ at Li-

ISLAND Oil bunkering process of a cruise ship

massol anchorage. The vessel also participated this week in the multinational exercise Nemesis 2016, organised by JRCC (Cyprus Joint Rescue Coordination Centre).

Company founder and Managing Director, Chrysostomos Papavassiliou, who was awarded in 2015 “Business Leader for the Shipping Sector” by the Cyprus Chamber of Commerce and Industry, believes that the company’s growth and success has been achieved by a strong team ef-

fort--from the directors, management, staff and crew who, through hard work, dedication and professionalism, built a sustained development and continue to respond positively and resourcefully to the company’s goals.

The Island Oil group always emphasised a positive, professional, creative and humane working environment. By respecting customers, suppliers and business associates and by honouring commitments and/ or contractual obligations, all

group companies strive to continuously build mutually beneficial and long-lasting relationships.

Island Oil participates in efforts to strengthen the Cyprus economy in sectors characterised by intense international competition. Island Oil is a member of IBIA (International Bunker Industry Association), CYMEPA (Cyprus Marine Environment Protection Association) and the CSC (Cyprus Shipping Chamber). (advertorial)