Cyprus Merchant Marine

[1] Its geographical position at the crossroads of Europe, Asia and Africa as well as its proximity to the Suez Canal has historically favoured merchant shipping as an important industry for this European island state.

[4][5] Merchant shipping has long been of great importance to the island, with its roots stretching well back into antiquity.

Examples of shipwrecks discovered off the island's coast (e.g. the Kyrenia ship) plus evidence of ancient ports (e.g. Amathus) give proof to the fact that Cyprus was a major seafaring player in antiquity and located along important trade routes.

[6] Merchant shipping has been actively developed by successive governments since the independence of Cyprus from British rule in 1960 and has since experienced sustained growth.

[10] The new tonnage tax scheme for Cyprus was approved by the European Commission on 24 March 2010, as compatible with the requirements of the EU Acquis communautaire, in accordance with the relevant guidelines on State Aid to Maritime Transport.

[11] The Department of Merchant Shipping (DMS) was established and started functioning as a distinct entity in the Ministry of Communications and Works, in 1977.