cyprus ferry Limassol Piraeus

Fresh attempt at reviving Cyprus-Greece ferry link

Cyprus will make a fresh attempt at creating a ferry connection with Greece in 2022, following the failure to attract investors to operate a passenger route.

Media outlet said the Deputy Ministry of Shipping would make a new call for tenders to establish a seasonal ferry link.

The call is expected sometime at the end of October.

Reportedly, maritime companies told officials they would be interested in a seasonal ferry connection instead of a regular one, the main provision deterring operators from submitting tenders the first time around.

To revive the ferry connection abandoned 21 years ago between Greece and Cyprus, the shipping ministry launched a failed tender for a three-year contract with annual state aid of €5 mln.

The European Commission has already approved the second tender for a seasonal connection.

According to Greek media, the connection will run between April or May to September or October.

Thus, the contractor carrying out the trip will use the ship on other routes during the winter season.

Under the new tender, the contractor will not be obligated to carry cargo on the same vessel.

If the contractor chooses to carry commercial cargo on the same route, they will lose out on the part of the subsidy.

The state subsidy only concerns passengers, under European rules, and is essentially a subsidy of the carrier’s travel expenses.

In other words, there will be an expense recording mechanism, and each trip will be subsidised accordingly.

The contractor will be compensated for any rise in fuel costs, up to 10% of the overall subsidy.

Authorities will be looking to change the call port in Greece, moving from Keratsini to Attica’s main port in Piraeus.

State aid is expected to remain at €5 mln annually, while additional changes may be made to the tender that is not subject to approval by Brussels.

Next January, authorities in Cyprus will be looking to select the winning bidder, aiming to see the ferry link launched sometime in May 2022.

According to, the tender will also allow for the expansion of the ferry link to a third neighbouring country, such as Egypt or Israel.

Salamis Tours operated the last passenger ferry link to Greece from 1993 until 2000 when demand faded and trips stopped.

After two decades of being cut off from the rest of Europe, travellers from Cyprus are still hoping they will be able to hop on a ferry next summer and disembark in Piraeus, Greece, to continue their journey.

Nicosia earned approval to subsidise the link with state funds after complex talks with the EU.

Source: Financial Mirror

Cyprus not giving up on ferry link with Greece

Despite setbacks, Cyprus maritime authorities are determined to revive a passenger ferry link to Greece after a tender failed to attract any interest from shipping companies earlier this year.

The Deputy Ministry of shipping is engaging in a battle to revive interest in the ferry link through improving the tender documentation previously approved by Brussels.

The Shipping Ministry sought to revive the connection with a €5 mln annual subsidy approved by the EU’s Directorate-General for Competition but had received no interest from operators willing to take on the task.

“We have currently submitted new tender documentation for the ferry connection between Piraeus Port and Limassol. We hope that it will be given the green light soon by the European Commission,” said Andreas Karamitas, a Shipping Ministry spokesperson.

In comments to the Financial Mirror, Karamitas explained the government took it upon itself to resubmit the documentation in an attempt to improve conditions, “making them more flexible and closer to the market’s criteria”.

The ministry has redesigned the tender documentation having in mind that state coffers should not be abused.

“We are looking into ways of increasing the state aid percentage-wise by decreasing the frequency of trips to and from Cyprus.

“For example, there is no reason why the state should be financing a ferry link during the winter when ships will probably be leaving Limassol empty,” said Karamitas.

He argued that more aid could be given to interested parties during the summer months when demand is higher.

He said Shipping Minister Vasilis Demetriades is optimistic that new tender documentation will be approved soon by the European Commission.

Asked if the ministry has thought of increasing the €5mln subsidy already approved by the EU, Karamitas said that would have to be negotiated with the EU.

“What we can say at the moment is that we are committed to reviving the ferry link with Greece.

“In the outside case the EU returns a negative verdict, we will be looking into alternative ways of reviving the link.”

He said the Cyprus-Greece ferry link is a top priority.

Salamis Tours operated the last passenger ferry link to Greece from 1993 until 2000 when demand faded and trips stopped.

After two decades of being cut off from the rest of Europe, travellers from Cyprus hoped they would be able to hop on a ferry this summer and disembark in Piraeus, Greece, to continue their journey.

Nicosia earned approval to subsidise the link with state funds after long talks with the EU.

Greece also welcomed the new ferry service, but the pandemic has decimated holiday travel.

Under EU rules, the state subsidy was solely associated with the passenger aspect of the sea line.

Source: Financial Mirror

jewel-of-the-seas-cruises from Limassol


MIAMI/LONDON, March 25, 2021 – This summer, Royal Caribbean International guests can soak up the Mediterranean sun and explore the captivating coastlines of Greece and Cyprus on all-new 7-night cruises departing from Limassol, Cyprus. Starting July 10, Jewel of the Seas will call Cyprus home for the first time and sail to the picturesque shores and ancient ruins in Cyprus, Greece and the Greek Isles through October. The new 2021 summer itineraries from Cyprus will open for bookings on April 7. « We know how eager our guests are to enjoy a getaway this summer, and these sailings, which include a mix of fantastic destinations and must-visit islands, make for the perfect getaway,» said Michael Bayley, president and CEO, Royal Caribbean International.

«Cyprus is a beautiful island, and we are thankful to the Cypriot government for their support and enthusiasm in making these incredible itineraries possible». Savvas Perdios, the Deputy Minister of Tourism for Cyprus, said, «We are delighted that Royal Caribbean will call Limassol its homeport for the first time ever. We have every confidence that Royal Caribbean’s presence in Limassol will be beneficial to Cyprus and, similarly, we are very confident that as a homeport and as a country, Cyprus will live up to the expectations of Royal Caribbean and its guests». Guests can rest assured their well-being and that of the crew members and communities visited are Royal Caribbean’s top priorities.

Details on the health and safety measures to be implemented will be announced at a later date. The comprehensive, multilayered health and safety measures to come will continue to be led by science and leverage expert guidance from the Healthy Sail Panel, Royal Caribbean Group’s Head of Public Health and Chief Medical Officer, and local government and health authorities. In addition, travelers must meet the travel requirements of their home country and Cyprus. The most up-to-date policies can be found on Cyprus’ tourism website.

Royal Caribbean’s new 7-night sailings from Cyprus continue the cruise line’s measured and safe return to cruising the world once again.

About Royal Caribbean International

Royal Caribbean International has been delivering innovation at sea for more than 50 years. The cruise line continues to revolutionize vacations with itineraries to more than 270 destinations in 72 countries on six continents, including Royal Caribbean’s private island destination in The Bahamas, Perfect Day at CocoCay, the first in the Perfect Day Island Collection. Royal Caribbean has also been voted «Best Cruise Line Overall» for 18 consecutive years in the Travel Weekly Readers’ Choice Awards. Royal Caribbean International is applying the recommendations of its Healthy Sail Panel of public health and scientific experts to provide a safer and healthier cruise vacation on all of its sailings.

Health and safety protocols, regional travel restrictions and clearance to visit ports of call, are subject to change based on ongoing evaluation, public health standards, and government requirements.

royal caribbean cyprus

Tourism ministry welcomes Royal Caribbean’s decision to include Cyprus in summer schedule

The deputy ministry of tourism on Monday welcomed the Royal Caribbean cruise line’s decision to include Cyprus in its summer schedule.

According to the ministry, Royal Caribbean has included Cyprus in its cruise schedule for June, July and August, while the company will be using for this route its “most modern and advanced ship”, expected to be delivered soon.

This cruise programme includes departure from Israel with stops in Cyprus. The ship is expected to arrive in Cyprus about 15 times, between June and August 2021, with the prospect of additional stations in the coming months, the ministry said.

“Cyprus is one of the few countries in the world that has already succeeded their inclusion in important cruise programmes,” it added. Due to these cruise programmes, it said, Cyprus will be hugely promoted in the coming months.

The ministry said that an important role to the Royal Caribbean’s decision to include the island in its programme was the agreement between Cyprus and Israel to allow from April 1 arrivals of Israelis who have been vaccinated without them having to present PCR tests or self-isolate upon their arrival.

“The passengers will be all Israelis, who will have already been vaccinated,” the ministry said. Before boarding, travellers will present two negative tests while, during the cruise, they will be subject to additional checks, it added.

The ministry said that this important agreement for the country was reached after its officials’ “tireless and intensive efforts” which lasted about six months, after the whole project started in September 2020.

“The agreement is a great success for cruise tourism in our country and paves the way for further growth at a time when this sector has taken a massive blow due to the pandemic,” it added.

The deputy ministry of tourism also thanked the transport ministry and the deputy ministry of shipping “for their valuable support and the provision of know-how in order to successfully conclude this agreement for our country.”

Source: Cyprus Mail

Εγγραφές Οχημάτων που προέρχονται από το Ηνωμένο Βασίλειο

Εγγραφές Οχημάτων που προέρχονται από το Ηνωμένο Βασίλειο



Σε σχέση με το πιο πάνω θέμα, το Τμήμα Οδικών Μεταφορών του Υπουργείου Μεταφορών, Επικοινωνιών και Έργων, ανακοινώνει ότι, λόγω της αποχώρησης του Ηνωμένου Βασιλείου (Η.Β.) από την Ευρωπαϊκή Ένωση, για τα οχήματα που προέρχονται από αυτό, εφαρμόζονται οι πρόνοιες των Κανονισμών που αφορούν οχήματα που προέρχονται από τρίτες χώρες (μη μέλη της Ε.Ε.).

Συγκεκριμένα, εφαρμόζονται τα ακόλουθα:

A.      Όχημα κατηγορίας Μ1 (σαλούν – μέχρι 8 θέσεων επιβατών μη περιλαμβανομένου του


Μπορεί να εγγραφεί, νοουμένου ότι κατά την ημερομηνία άφιξης του σε νόμιμο λιμάνι της Δημοκρατίας είναι ηλικίας μέχρι πέντε χρόνων, αυτών υπολογιζομένων από την ημερομηνία κατά την οποία το όχημα έχει εγγραφεί σε οποιαδήποτε χώρα ως καινούργιο.

Διευκρινίζεται ότι, το πιο πάνω δεν ισχύει για όχημα κατηγορίας Μ1 που έχει ήδη μεταφερθεί ή εισαχθεί στη Δημοκρατία από το Ηνωμένο Βασίλειο και δεν έχει ακόμη εγγραφεί ή θα έχει φορτωθεί με προορισμό νόμιμο λιμάνι της Κυπριακής Δημοκρατίας μέχρι την Δευτέρα 15/2/2021. Τα οχήματα αυτά θα μπορούν να εγγραφούν, οποτεδήποτε, ανεξάρτητα αν η ηλικία τους υπερβαίνει τα πέντε χρόνια.

Για να εγγραφεί ένα όχημα κατηγορίας Μ1, πρέπει να συνοδεύεται με το αυθεντικό πιστοποιητικό εγγραφής του από το Η.Β. («Registration Certificate – V5c»), να έχει εκδοθεί για αυτό πιστοποιητικό καταλληλότητας (ΜΟΤ) στην Κύπρο και να έχει εκδοθεί για αυτό ευρωπαϊκή έγκριση τύπου ολοκληρωμένου οχήματος (WVTA) ή Έγκριση Τύπου Μεμονωμένου Οχήματος (SVA) στην Κύπρο.

Το πιστοποιητικό εγγραφής του Η.Β. (που εκδόθηκε μέχρι 31/12/2020), αποτελεί επαρκές αποδεικτικό έγγραφο ότι, για το όχημα υπάρχει WVTA, νοουμένου ότι φέρει ένδειξη της έγκρισης τύπου του οχήματος (WVTA). Η ένδειξη που πρέπει να αναζητείται στο V5c βρίσκεται στο σημείο «Κ» («Type Approval Number») και είναι της μορφής π.χ.

«e4*2007/46*0186*11». Σε περίπτωση που δεν υπάρχει η ένδειξη αυτή, το όχημα για να εγγραφεί, πρέπει να λάβει Έγκριση Τύπου Μεμονωμένου Οχήματος (SVA) στην Κύπρο.

Β. Οχήματα κατηγορίας Μ2 και Μ3 (Λεωφορεία) και κατηγορίας Ν1, Ν2 και Ν3 (μεταφοράς

 εμπορευμάτων – π.χ. διπλοκάμπινα, «pick – up», φορτηγά) Εγγράφονται ανεξάρτητα από την ηλικία τους νοουμένου ότι –

(ι) προσκομίζονται ή υπάρχουν στοιχεία που αποδεικνύουν ότι οι  εκπομπές αερίων και σωματιδιακών ρύπων του οχήματος (της μηχανής) συνάδουν με τις απαιτήσεις που ίσχυαν στο Ευρωπαϊκό Δίκαιο κατά την ημερομηνία που το όχημα ενεγράφη σε οποιαδήποτε χώρα για πρώτη φορά και

(ιι)      είναι εφοδιασμένα με Σύστημα Αντιπλοκαρίσματος Φρένων (A.B.S.).

Το πιστοποιητικό εγγραφής του Η.Β. (V5c – που εκδόθηκε μέχρι 31/12/2020) αποτελεί και πάλι επαρκές αποδεικτικό έγγραφο ότι τηρείται η απαίτηση της παραγράφου Β(ι) πιο πάνω, νοουμένου ότι η μηχανή που φέρει το όχημα κατά την επιθεώρηση του είναι η ίδια με αυτή που αναφέρεται στο εν λόγω πιστοποιητικό εγγραφής. Στην περίπτωση που η μηχανή είναι διαφορετική, απαιτείται σχετική τεκμηρίωση ότι η νέα μηχανή συνάδει με το αντίστοιχο

«EURO» (π.χ. βεβαίωση κατασκευαστή ή του αντιπροσώπου του ή/και επαρκής πληροφόρηση από τεχνικά εγχειρίδια της μηχανής κλπ).

Γ. Οχήματα κατηγορίας L (μοτοποδήλατα, μοτοσυκλέτες, τρίκυκλα και τετράκυκλα)

Όχημα της κατηγορίας L εγγράφεται ανεξάρτητα από την ηλικία του, νοουμένου ότι συνοδεύεται με το Ευρωπαϊκό Πιστοποιητικό Συμμόρφωσης (Certificate of Conformity – CoC) – (ΠΣ) του οχήματος που ίσχυε κατά την ημερομηνία πρώτης εγγραφής του. Γίνεται επίσης αποδεκτό αντίγραφο του ΠΣ που εκδίδεται από τον ίδιο τον κατασκευαστή ή τον αντιπρόσωπο του.

Επίσης, γίνεται αποδεκτό και το πιστοποιητικό εγγραφής του Η.Β. (που εκδόθηκε μέχρι 31/12/2020), το οποίο αποτελεί επαρκές αποδεικτικό έγγραφο ότι, για το όχημα υπάρχει WVTA και άρα έχει εκδοθεί ΠΣ, νοουμένου ότι το πιστοποιητικό εγγραφής του Η.Β φέρει την ένδειξη της έγκρισης τύπου του οχήματος (WVTA).

Πηγή: TOM

BREXIT what you need to know about your shipments brexit

BREXIT: All you need to know about your shipments.

The UK and EU trade deal that was announced on Christmas Eve provides more clarity for UK and EU trade from the end of the transition period.

As our own team work through the detail of the deal, we’d like to confirm the essential requirements for shipping from 1 January 2021.

Customs Declarations will be required from 1 January 2021 for shipments between Great Britain and the European Union (and vice-versa). Although the EU-UK Trade and Cooperation Agreement refers to ‘zero tariffs’ (zero customs duties), this doesn’t replace the need to generate a Customs Declaration and so a Commercial or Pro-forma Invoice is required. The trade deal only applies to Customs duties, meaning that in most cases Customs duties will not be applied to goods fulfilling all necessary “rules of origin” requirements. However, VAT will still be levied. Customs declarations are therefore required for goods to clear the border, as the UK will have left the single market and the customs union. Country-specific restrictions will still be in place and any associated licences will also be required.

Rules of Origin Requirements: in order to benefit from the EU-UK Trade Agreement ‘zero tariff’ (zero Customs duties), it’s essential that you provide evidence of the country of origin in the Commercial or Pro-forma Invoice for both B2B and B2C shipments –  please do this using the statement below for UK or EU goods fulfilling the relevant rules of origin requirements. Without the statement, it will not be possible for SHOHAM to claim the duty relief, and it may not be possible for SHOHAM to amend the documentation post-clearance without additional charges, if at all.

The exporter of the products covered by this document (Exporter Reference No.*) declares that, except where otherwise clearly indicated, these products are of ……  preferential origin.
(Place and date**):
(Name of the exporter):

  The goods Country of Origin must be calculated and recorded accurately, and it is your responsibility to do this

*: The Exporter Reference No. is required for all shipments to/from UK (this reference is your EORI number).

For shipments from EU to UK with value that exceeds 6,000 EUR / £5,700, this Reference No. is your REX number
**: may be omitted if the information is contained on the document itself

Changes to UK VAT regulations will still be introduced on 1 January 2021, as this regulatory change is not part of the EU-UK Trade and Cooperation Agreement, and applies to shipments being imported into the UK from any country worldwide. This means that most shipments valued at more than £135 will attract VAT on importation from any country, including the EU. For shipments with a value of £0-£135 when being sold by businesses to consumers in the UK, VAT will need to be collected at the point of sale and will therefore be the seller’s responsibility.

Χωρίς δασμούς τα μεταχειρισμένα από ΗΒ

Χωρίς δασμούς υπό συγκεκριμένες προϋποθέσεις αναμένεται να είναι η εισαγωγή μεταχειρισμένων αυτοκινήτων από το Ηνωμένο Βασίλειο.

Σύμφωνα με εγκύκλιο της διευθύντριας του τμήματος τελωνείων Κυριακής Μυριανθοπούλου, με βάση τη συμφωνία εμπορίου και συνεργασίας μεταξύ ΕΕ και Ηνωμένου Βασιλείου, δεν επιβάλλεται εισαγωγικός δασμός στα μηχανοκίνητα οχήματα που εισάγονται από το ΗΒ μόνον εφόσον πληρούνται οι σχετικοί κανόνες καταγωγής που προβλέπονται στη συμφωνία δηλαδή το αυτοκίνητο να έχει χώρα καταγωγής από την ΕΕ ή την Βρετανία.

Προϋπόθεση για την προτιμησιακή μεταχείριση καταγόμενων οχημάτων αποτελεί η προσκόμιση βεβαίωσης καταγωγής η οποία συντάσσεται από τον εξαγωγέα και αναγράφεται στο τιμολόγιο η σε άλλο εμπορικό έγγραφο στο οποίο περιγράφεται το όχημα με επαρκείς λεπτομέρειες, ώστε να είναι δυνατή η ταυτοποίησή του. Σε περίπτωση που δεν προσκομιστεί η βεβαίωση καταγωγής, τα οχήματα επιβαρύνονται με τον εισαγωγικό δασμό που προβλέπεται στο Κοινό Εξωτερικό Δασμολόγιο της ΕΕ.

Ανεξάρτητα από την δασμολογική μεταχείριση του οχήματος κατά το χρόνο υπαγωγής του σε καθεστώς ελεύθερης κυκλοφορίας με ταυτόχρονη θέση σε ανάλωση, αυτό επιβαρύνεται με τον κανονικό συντελεστή ΦΠΑ ο οποίος ανέρχεται σε 19% επί της φορολογητέας αξίας.

Επισημαίνεται ότι η έννοια «κανόνες καταγωγής» δεν ταυτίζεται με την έννοια «ενωσιακός χαρακτήρας».

Η συμφωνία ΕΕ και ΗΒ τέθηκε σε εφαρμογή από την 1/1/21 και προβλέπει συγκεκριμένο κανόνα καταγωγής για κάθε εμπόρευμα, περιλαμβανομένων των μηχανοκίνητων οχημάτων για συναλλαγές ανάμεσα στα κράτη μέλη της ΕΕ και του ΗΒ ως τρίτης χώρας και όχι μεταξύ κρατών μελών της ΕΕ.

Ο ενωσιακός χαρακτήρας των εμπορευμάτων που τελούσαν σε ελεύθερη κυκλοφορία στο τελωνειακό έδαφος του ΗΒ έχει απολεσθεί από ην 1/1/21 και δεν μπορεί να επέχει θέση τεκμηρίου για βεβαίωση της καταγωγής.

Τα μηχανοκίνητα οχήματα είναι δυνατόν να θεωρηθούν ως επανεισαγόμενα μόνο εφόσον πληρούνται οι προϋποθέσεις του άρθρου 203 του Καν. (ΕΕ) αριθ. 952/2013 και 158 του Κατ’ Εξουσιοδότηση Κανονισμού (ΕΕ) 2015/2446.

Source: Stockwatch

After 20 years, Cyprus-Greece ferry to resume in May

After two decades of being cut off from the rest of Europe, travellers from Cyprus will be able to hop on a ferry next summer and disembark in Piraeus to continue their journey on foot, by car or motorbike.

The Deputy Shipping Ministry on Friday issued an open tender to revive the Cyprus-Greece ferry link as of May or June next year.

Announcing the tender, junior shipping minister Vassilis Demetriades said “several companies” have already expressed interest to participate in the process that closes on January 29.

The tender will then be evaluated and awarded in time for the winning operator to start operations in May or in June if there is a Covid-related delay.

The ferry link will be a weekly schedule, dropping to fortnightly in October and April and monthly during the winter months from November to March, with a state subsidy of €5 mln a year, for three years.

Demetriades said the operator will use either Limassol or Larnaca port as its base and link to Keratsini terminal in Piraeus port. It may have a single stop-over.

The ferry must be an EU-flag vessel or if foreign-owned, must be EU-registered.

It should carry at least 200 passengers with a capacity of 140 more in cabins, if the trip is longer than 16 hours, with fares capped at €50 single and €80 return, €75 single fare in cabins and €149 return, €75 and €150 return for passenger cars, and €50 with €100 return for motorcycles.

Passengers under two years old travel free.

The tender invitation has been posted on the Deputy Ministry’s website and the tender document is available via the government’s eProcurement portal.

Demetriades said the EU-approved state subsidy is for the passenger service and private vehicles with the operator allowed to charge any rate for commercial vehicles and their cargo.

Port fees, not be included in the ticket price, may indicatively range between €20 and €30.

He has invited his Greek counterpart, Minister for Shipping, Island Policy Ioannis Plakiotakis, to join him on the maiden voyage.

Talks on state aid started in July 2019 and concluded successfully on July 3 by the EU’s DG Competition deciding the ferry can be considered a general economic interest service under EU rules, supported with state funds.

The Cabinet gave its final go-ahead on October 7 to subsidise the ‘General Interest Service’ and it was approved by the Accountant General on November 26.

Limassol port favourite

The operator must begin the ferry route within 20 days from the final signatures and its duration must be three years, uninterrupted throughout the year, regardless of the number of passengers.

Demetriades added that EU safety and maritime environment regulations will be strictly imposed while the operator must accommodate special access features for disabled people.

“The fares are quite attractive, and the operator must give us a commitment not to increase prices for the three-year duration of the contract.”

The shipping minister said there are only two hurdles left to overcome, the first being the approval by parliament of the government’s 2021 budget, and interest from bidders to turn into firm commitments.

Demetriades said that since Cyprus is still outside the Schengen Area agreement, passengers and cargo will be subject to passport and customs controls, just as at airports.

In earlier comments to the Financial Mirror, ruling DISY MP Annita Demetriou, who campaigned for the link to resume, argued it was unacceptable that while Cyprus is surrounded by sea, the only means of travel is by air.

There is no ferry link with neighbours Greece and so no access to mainland Europe.

“In the aftermath of the coronavirus crisis, the need for a sea link was highlighted further as flights are scarce and will continue to be so for some time to come,” said Larnaca MP Demetriou.

Limassol port will most probably be where the ferry trip to Greece will begin while there are thoughts of adding an intermediate stop, such as Rhodes.

The route will be operated by a passenger ship, under an EU / EEA flag, which will be included in the Paris MOU White List.

Salamis Tours ran the last ferry link to Greece from 1993 until 2000 when demand had faded, and the trips stopped.

After airfares were liberalised in 2000, more airlines came to Cyprus and prices dropped dramatically.

Apart from the annual amount of €5 mln, which will be given as a state subsidy, the duration of the contract will be for three years with the possibility of renewal for another three.

“The ultimate aim of this project is to strengthen Cyprus’ connectivity with mainland Europe, creating a new market for travellers to and from Cyprus and Europe, since the only means of transport currently available to and from Cyprus is by air.”

Interested shipowners and charterers planning to submit a tender for this project should have a ship capable of carrying both passengers and freight.

More specifically, the Cyprus-Greece maritime connection will be conducted by the Ro-Pax ferry that will carry passengers and their accompanying vehicles, as well as cargo.

Υπουργός Μεταφορών – Υπογραφή σύμ

Contracts signed for €1.2 bln Larnaca Port & Marina development

Note: Shoham is not related with Kition Ocean Holdings

Long-awaited €1.2 bln redevelopment of Larnaca port and marina jumped the final hurdle on Friday as the Cyprus government signed contracts with Cypriot-Israeli investors.

At the signing ceremony, President Nicos Anastasiades expressed the government’s satisfaction, as the “development of Larnaca port and marina will fetch additional revenue of €120 mln per year”.

“Today is a special and highly important day for all Larnaca residents as a justified demand dating almost three decades …has entered the pipeline,” the president said.

The consortium awarded the project is Kition Ocean Holdings, a Cypriot-Israeli consortium, composing of investors Eldeman Holding BV and Alexandrou Corporate Services Ltd.

Tender negotiations between the two sides have been ongoing since late 2018 when the consortium’s bid was the only one left on the table after the other bidders pulled out.

Anastasiades said it was one of the biggest investments in the past seven years and it yet another reflection of Cyprus’ excellent relationship with Israel.

“The implementation of projects like the unified development of the port and Larnaca marina and the potential of fully utilising its development zone is undoubtedly recognised as landmark projects and a driving force for the economy.”

On behalf of the Israeli investors, the executive director of the Jordache Group, Avi Hormaro, said: “We are ready to immediately proceed with the working groups to ensure we will deliver the project on time”.

There will be a transition period until January 2022, and work will be carried out in four phases over 15 years.

On behalf of Kition Ocean Holdings Panayiotis Alexandrou, the executive director, said the consortium is committed to creating a functional port and the creation of an ultra-modern marina in the eastern Mediterranean while respecting the environment and the area’s character.

Alexandrou said the project will create over 4,000 jobs and opportunities for Cypriot and foreign entrepreneurs.

Transport Minister Yiannis Karousos welcomed the investment after signing contracts.

“Development of the port and marina area of Larnaca has been promoted for years, now the time has finally come for its implementation”.

Following the issuance of the required permits, work is expected to begin in two years, including port expansion with infrastructure for cruise ships and commercial use.

The contract involves the restructuring of the marina for at least 650 berths, the port and surrounding land development over an area of 220,000 sqm spanning to a total of 510,000 sqm.

Plans include the development of the marina with the latest technological infrastructure, turning Larnaca port it into one capable of serving large vessels with the expansion of piers, docks, and the construction of a modern passenger terminal.

As part of the marina development, there will be a yacht club with a retail park, plus hotels, a private island and residential properties.

Port works will also include the expansion and management of Larnaca port, improving current infrastructure such as the interior road network, storage space as well as creating a new terminal for cruise ships and utilising the port for cargo management.

The area between the marina and the port will see infrastructure works carried out, including a road network, green areas, parks, open spaces for events, as well as an educational and medical centre.

The consortium is also planning residential and commercial development with innovative architecture, streets, and parks.

Under the proposed venture, it is estimated that the state will receive more than €19.6 bln during the lifetime of the project which includes the 125-year lease on the real estate.

The BOT project will see the government receiving fixed rent and a percentage of the revenue through a concession agreement with the port/marina operated on a 40-year lease and the real estate is acquired on a 125-year lease.

After 40 years, the port and marina can be handed back to the government who will then decide on their management.

The complete project will span over 15 years or more as it includes building two hotels (lifestyle/business), nine office buildings (mixed-use) of up to 15 floors each and six luxury apartment blocks up to 13 floors each.

Source: Financial Mirror

Fast sailing to North Europe

Due to change in rotation the new ETA of m/v DIMITRIS Y to Limassol 27/11 instead of 21/11.

The ETA at the destination ports in North Europe, UK will not be affected.

Faster transit time to Europe, UK

Due to this change the transit time will be as follows:

  • Felixstowe – 9 days
  • Hamburg – 11 days
  • Rotterdam – 14 days
  • Antwerp – 15 days
  • Le Havre – 17 days