Obligations

Incorporated in the Marshall Islands; if managed and controlled from Limassol (board minutes requested), tax resident in Cyprus. Owns three dry bulk carriers and operates three more bareboat-chartered in from the single-ship companies; a qualifying owner under tonnage tax

Totals are the booked figures; a category near the line is re-tested after any year-end adjustment (True-Ups), since the law tests the arm's length amount (✓ ITL s.33(9)(α)).

• Local File: required on the thresholds the Tax Department publishes for 2025. ✓ Tax Dept FAQ Q52 It rests on a point not settled in the sources read — whether interest between two tonnage tax owners is qualifying income; whether the agency fee falls outside the table by analogy to FAQ Q23 (Q23 is about a Party B under Cyprus income tax; the UK agency is not); whether bareboat chartering out is a qualifying shipping activity of the owner under the Merchant Shipping law; measuring the guarantee by the guaranteed amount; whether a tonnage tax owner's charter from a related company outside the Cyprus tonnage tax system counts — to be confirmed by the practice. Prepared, with a certified accountant's quality check, by the return due date (✓ K.D.P. 273/2022 reg. 3): for 2025, 31 Mar 2027 (ACT, to 2025 · to be confirmed by the practice); from tax year 2026, 31 January of the second year (✓ ACT s.5(1A)). Produced within 60 days of a request (✓ ITL s.33(11)).
• Summary Information Table: due, filed with the income tax return, whatever the value. ✓ ITL s.33(10) Penalty for failing to file: €500. ✓ ACT s.50Ζ(1) Summary Table Lines (CSV)

Incorporated in the Marshall Islands; if managed and controlled from Limassol (board minutes requested), tax resident in Cyprus. Owns two Supramax vessels; a qualifying owner under tonnage tax

Totals are the booked figures; a category near the line is re-tested after any year-end adjustment (True-Ups), since the law tests the arm's length amount (✓ ITL s.33(9)(α)).

• Local File: required on the thresholds the Tax Department publishes for 2025. ✓ Tax Dept FAQ Q52 It rests on a point not settled in the sources read — whether interest between two tonnage tax owners is qualifying income — to be confirmed by the practice. Prepared, with a certified accountant's quality check, by the return due date (✓ K.D.P. 273/2022 reg. 3): for 2025, 31 Mar 2027 (ACT, to 2025 · to be confirmed by the practice); from tax year 2026, 31 January of the second year (✓ ACT s.5(1A)). Produced within 60 days of a request (✓ ITL s.33(11)).
• Summary Information Table: due, filed with the income tax return, whatever the value. ✓ ITL s.33(10) Penalty for failing to file: €500. ✓ ACT s.50Ζ(1) Summary Table Lines (CSV)

Technical management of the group's eight vessels: the five owned by the two Navigation companies and the three bareboat-chartered in by Navigation Inc.; a qualifying ship manager under tonnage tax

No controlled transactions that count in the year.

• Local File: not required on the thresholds the Tax Department publishes for 2025. ✓ Tax Dept FAQ Q52
• Summary Information Table: no transactions to report (left out under ✓ Tax Dept FAQ Q22–24); whether a nil table is still filed is to be confirmed by the practice (the FAQs say what is left out; they do not say whether a table with nothing in it is filed) (✓ Tax Dept FAQ Q51: the return's question 50 is answered YES).

Chartering desk: finds cargoes and fixes the vessels for a commission; not a qualifying activity, so under income tax

Totals are the booked figures; a category near the line is re-tested after any year-end adjustment (True-Ups), since the law tests the arm's length amount (✓ ITL s.33(9)(α)).

• Local File: required on the thresholds the Tax Department publishes for 2025. ✓ Tax Dept FAQ Q52 Prepared, with a certified accountant's quality check, by the return due date (✓ K.D.P. 273/2022 reg. 3): for 2025, 31 Mar 2027 (ACT, to 2025 · to be confirmed by the practice); from tax year 2026, 31 January of the second year (✓ ACT s.5(1A)). Produced within 60 days of a request (✓ ITL s.33(11)).
• Summary Information Table: due, filed with the income tax return, whatever the value. ✓ ITL s.33(10) Penalty for failing to file: €500. ✓ ACT s.50Ζ(1) Summary Table Lines (CSV)

Single-ship company: owns m/v Aegean Dawn and bareboat-charters her to Navigation Inc.; a qualifying owner under tonnage tax; its bank loan is guaranteed by Navigation Inc.

Totals are the booked figures; a category near the line is re-tested after any year-end adjustment (True-Ups), since the law tests the arm's length amount (✓ ITL s.33(9)(α)).

• Local File: required on the thresholds the Tax Department publishes for 2025. ✓ Tax Dept FAQ Q52 It rests on a point not settled in the sources read — whether bareboat chartering out is a qualifying shipping activity of the owner under the Merchant Shipping law; measuring the guarantee by the guaranteed amount — to be confirmed by the practice. Prepared, with a certified accountant's quality check, by the return due date (✓ K.D.P. 273/2022 reg. 3): for 2025, 31 Mar 2027 (ACT, to 2025 · to be confirmed by the practice); from tax year 2026, 31 January of the second year (✓ ACT s.5(1A)). Produced within 60 days of a request (✓ ITL s.33(11)).
• Summary Information Table: due, filed with the income tax return, whatever the value. ✓ ITL s.33(10) Penalty for failing to file: €500. ✓ ACT s.50Ζ(1) Summary Table Lines (CSV)

Single-ship company: owns m/v Aegean Spirit, delivered in 2025, funded by Navigation Inc. and bareboat-chartered to her; a qualifying owner under tonnage tax

Totals are the booked figures; a category near the line is re-tested after any year-end adjustment (True-Ups), since the law tests the arm's length amount (✓ ITL s.33(9)(α)).

• Local File: required on the thresholds the Tax Department publishes for 2025. ✓ Tax Dept FAQ Q52 It rests on a point not settled in the sources read — whether bareboat chartering out is a qualifying shipping activity of the owner under the Merchant Shipping law; whether interest between two tonnage tax owners is qualifying income — to be confirmed by the practice. Prepared, with a certified accountant's quality check, by the return due date (✓ K.D.P. 273/2022 reg. 3): for 2025, 31 Mar 2027 (ACT, to 2025 · to be confirmed by the practice); from tax year 2026, 31 January of the second year (✓ ACT s.5(1A)). Produced within 60 days of a request (✓ ITL s.33(11)).
• Summary Information Table: due, filed with the income tax return, whatever the value. ✓ ITL s.33(10) Penalty for failing to file: €500. ✓ ACT s.50Ζ(1) Summary Table Lines (CSV)

Incorporated in the Marshall Islands; if managed and controlled from Limassol (board minutes requested), tax resident in Cyprus. Single-ship company and a qualifying owner under tonnage tax until the sale: sold m/v Aegean Star in March 2025 and is now dormant; the sale proceeds were left with Navigation Inc.

Totals are the booked figures; a category near the line is re-tested after any year-end adjustment (True-Ups), since the law tests the arm's length amount (✓ ITL s.33(9)(α)).

• Local File: not required on the thresholds the Tax Department publishes for 2025. ✓ Tax Dept FAQ Q52 On the statute's €750,000 alone it would be required. Under the threshold: the simplified documentation of Circular 6/2023, or its safe harbours where they fit (✓ Tax Dept FAQ Q31).
• Summary Information Table: due, filed with the income tax return, whatever the value. ✓ ITL s.33(10) Penalty for failing to file: €500. ✓ ACT s.50Ζ(1) Summary Table Lines (CSV)