Over the past five decades, the Cyprus shipping cluster has experienced remarkable growth.
Over the past decades, the Cyprus shipping cluster has experienced remarkable growth.
Over the past five decades, the Cyprus shipping cluster has experienced remarkable growth. Cyprus is at the forefront of global shipping with a fully functional and innovative department of merchant shipping, a new EU approved tonnage tax regime and a committed resident shipping industry.
The island is one of the largest ship management centers in the world and the Cyprus registry fleet ranks among the top 10 worldwide and among the top three in Europe. The global shipping industry faces a number of challenges, including the continued impact of the financial crisis, commodity prices, piracy attacks and environmental regulations. Nonetheless, shipping remains a critical industry to the global economy and Cyprus is expected to continue to play a prominent role as a leading maritime centre.
KPMG in Cyprus has a dedicated team of professionals drawing on a depth of shipping knowledge and experience, who are committed to providing customized solutions to the challenges faced by our clients. Our highly qualified practitioners undergo continuous industry specific training so as to remain at the forefront of developments within the shipping industry and, together with our global network of shipping specialists, apply this expertise to the professional services offered to the maritime sector, which include:
Cyprus, is developing into a key player in the maritime industry; through its structured administrative, legal and financial reporting framework, as well as its sound maritime infrastructure,favorable tax regime and beneficial tonnage tax system.
The new revenue standard will result in significant impacts across the sector.
Current mergers and acquisition (M&A) activities in the shipping and ports sector tell us two different stories: Shipping liners are focusing more on alliances and resource sharing, instead of engaging in M&A. On the other hand, M&A activity is gaining momentum within the shipping terminals sector, as investors are focusing on strategic buying options. This report looks at the rationale behind these trends.
This seventh edition of the KPMG Transport Tracker has special focus on the current geopolitical landscape and its impact on globalization, how digitization is disrupting transportation companies’ business models and a potential recovery for the shipping sector.