Cyprus shipping sector adds 119 vessels, increases revenue over three years

Cyprus targets further investment as shipping fleet continues to growCyprus’ shipping fleet has expanded by around 27 per cent since September 2023, with 119 new vessels joining the national register since the beginning of 2026, Shipping Deputy Minister Marina Hadjimanolis said on Monday, as she presented the ministry’s 2027 budget to parliament. The budget was presented before the House finance committee, outlining the ministry’s strategic objectives and priorities for the coming year. The surplus budget reflects the government’s commitment to strengthening the country’s shipping sector, developing its maritime ecosystem and maintaining Cyprus’ competitiveness as an international shipping centre, the ministry said. “The steady upward course of the Cyprus Ship Registry over the past three years confirms that Cyprus remains a reliable and competitive shipping destination,” Hadjimanolis said. “Specifically, from September 2023 until today, the capacity of the fleet under the Cypriot flag has increased by approximately 27 per cent, reflecting the confidence of the international shipping community in our country,” she added. The deputy minister said the government was seeking to build a strong and high-quality ship registry, supported by a competitive maritime ecosystem and a modern, efficient ministry capable of responding to the needs of both the public and the shipping industry. “In an international environment that is changing rapidly, we continue to work consistently and responsibly to create the conditions for more investment, new opportunities and greater added value for our economy and society,” she said. “Shipping is a strategic pillar of the Cypriot economy, and we will continue working to ensure that Cyprus remains a modern, reliable and competitive international shipping centre,” Hadjimanolis added. The ministry further stated that its revenue had increased by 17.5 per cent over the past three years, reflecting the sector’s growing contribution to the national economy. A total of 119 new vessels have been registered under the Cypriot flag since the start of 2026, with a combined gross tonnage exceeding 2.4 million tonnes. The increase in fleet capacity since September 2023 was also highlighted as evidence of the registry’s continued expansion and its appeal to international shipowners. Meanwhile, revenue from tonnage tax rose by 8.2 per cent in the 2025 tax year compared with 2024, according to the ministry. The government’s stated ambition is to establish Cyprus as a significant player in shaping international maritime policy while strengthening its position as an attractive destination for shipping businesses. The ministry said the Cyprus Ship Registry was being continuously developed to remain competitive and respond effectively to the challenges and opportunities facing the global shipping industry. It added that its strategic priorities were intended to reinforce Cyprus’ international standing as a reliable maritime centre while creating the conditions for sustainable growth, further investment and greater economic value for the country.