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Cyprus is proud to fly flag of European Union.
(From Lloyds List)
ACCESSION to the European Union is expected to give the Cyprus shipping industry and the island's register a major boost.
'Cyprus has the third largest fleet within the European Union with 17% of the combined fleet of the 25 EU member states.
'With the accession of Cyprus to the EU, Cyprus shipping has great potential to expand further and the Cyprus registry to grow during the years to come under a new image of a quality-oriented and competitive shipping centre,' said a spokesman for the register.
Amendments to Cyprus merchant shipping legislation have removed any discrimination between Cypriot citizens and citizens of the other EU members, so that all EU citizens and corporations established and operating in the EU are also qualified to own Cyprus ships, said the spokesman.
'The future of Cyprus shipping appears to be very promising for the economy of Cyprus as a whole, with more high quality ships expected to be registered under the Cyprus flag and more shipping companies to establish offices in Cyprus.'
The Cyprus register has actually seen a small decrease in the size of its fleet, following a series of measures to improve the image of Cyprus internationally, with strict new requirements for vessels flying the Cyprus flag.
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