Fees And Taxes Payable By Shipping Companies

* REGISTRATION FEES

                   C£ per gross ton

Gross tons         Cargo ships      Passenger ships
Up to - 5.000          0,10           0,15
5.001 - 10.000         0,08           0,15
 Over - 10.000         0,04           0,15
Minimum fee          125,00         250,00
Maximum fee        3.000,00

The fee for a three month extension of the provisional registration 
is one half of the above fees.

* Fees on transfer, transmission, registration a new, mortgage and 
transfer of mortgages.


Gross tons         C£ per gross ton

Up to - 10.000       0,02
Over  - 10.000       0,01
Minimum fees paid   30,00

* Registration of mortgage, assignment or any other charge over the 
ship with the Registrar of Companies for any amount stated therein is 
C£300.

* Tonnage measurement fees


                               C£ per gross ton
Gross tons                   Cargo        Passenger

Up to - 49                    50,00        100,00
   50 - 1.599                  0,10          0,20
1.600 - 9.999                  0,05          0,10
 Over - 10.000                 0,01          0,02

* Minimum fees paid          £100,00        £200,00

* If a ship is laid up for a continuous period of more than three 
months then the fees are reduced by 75% for as long as the ship 
remains laid up.


* Annual tonnage tax
                                    C£ per gross ton

Gross tons                        Cargo       Passenger

  Up to - 1.600     C£ 100 plus     0,26         0,52
  1.601 - 10.000                    0,16         0,32
 10.001 - 50.000                    0,06         0,12
   Over - 50.000                    0,04         0,08

* The figure derived from the above calculation is then multiplied by 
the corresponding rate shown below depending on the age of the ship.


RATE

Age of ship          Cargo       Passenger

Up to - 10 year        0,75        1,50
   11 - 20 years       1,00        2,00
 Over - 20 years       1,30        2,60

* The above fees are reduced by 2,5% for every month of employment 
of a Cypriot officer on board the vessel and by 1,5% for every 
month of employment of a Cypriot lower grade crew (for passenger 
ships the fees are reduced by 50%)

* Also in the case of a Cyprus ship owned by Cypriot individuals or 
by a company incorporated in Cyprus whose controlling interest is 
vested in Cypriots the tonnage tax is reduced by 30%