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Cypriot Vessel Registration Changes on Sanctions

OIL

About 20% of the Cyprus’ tanker fleet changed their registration after the European Commission announced the intention to set the price cap for the Russian oil in early October according to Deputy Minister for Shipping Vasilis Demetriades.

  • "In Cyprus, about 20 per cent of the registered oil tanker fleet - measured in tonnage - has left the Cyprus shipping registry since October 6," he said.
  • This figure corresponds to approximately 900,000 metric tons of gross tonnage
  • Cyprus was among the countries asking the European Commission to commit to compensatory measures offsetting the economic impact of tankers leaving EU-based shipping registries.

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