Cyprus, one of Europe’s biggest ship management and shipowning hubs, has made good on long-standing plans to offer tonnage tax discounts to ships that beat environmental targets.
The incentives apply from next year to vessels attaining an energy efficiency design index (EEDI) that is better than the minimum prescribed under IMO rules.
Depending on the degree that ships outperform their required EEDI, the tonnage tax reduction will range between 5% and 25%.
