Ey Shipping supply chain

Navigating the future

Shipping stands as a pivotal force in Cyprus's economy, significantly contributing to the island's GDP alongside ancillary services. Cyprus is a leading ship management center, currently holding the position of the largest third-party ship management center in the EU and the 11th largest merchant fleet globally and the 3rd largest within the EU by flag registration. Cyprus boasts robust maritime infrastructure, a favorable tax regime, a highly skilled multilingual workforce, and a business-friendly legal framework based on English law. Amidst the transformative landscape of the shipping industry, Cyprus provides competitive advantages, solidifying its role as a leader and a key player in the established EU Maritime Cluster.

Shipping has been operating in an increasingly challenging economic environment, characterized by demand and supply imbalances, volatile freight rates and vessel values, increasing regulations relating to the environment, piracy and geopolitical risks, among others. All these factors, coupled by the radical changes in technology and the digitalization of the transportation industry overall, have contributed to a challenging business environment that puts even seasoned shipping executives to the test.

Our services to shipping companies aim at helping them steer clear of these challenges and navigate to calmer waters, allowing management to focus on where they truly add value. Our dedicated shipping industry teams are constantly developing specialized services and business solutions that allow you to take early action and effectively address emerging challenges.

Growing together with our clients as a professional services firm, we have developed over the years a dedicated specialized shipping practice in Cyprus. With more than 50 industry experts locally, our ability through our integrated global network to tap into our skilled global experts, our sector focus and experience, positions EY to provide our clients with added value quality audit, tax services, regulatory and business transformations, technological advances in course of their digital journey and other consulting services uniquely tailored to their needs, no matter if large or small, family owned or publicly listed.

Contact us
Interested in the changes we have made here, contact us to find out more.