Cyprus’s role as a significant and influential player in shaping maritime policy and exerting a positive influence on global maritime affairs is the goal of the Deputy Ministry of Maritime Affairs, as statedby Deputy Minister Marina Hatzimanoli during the presentation of the Deputy Ministry of Shipping’s budget for 2027, while noting that from September 2023 to the present, the capacity of the Cyprus Register fleet has increased by approximately 27%.
As he stated during the discussion at today’s session of the parliamentary finance committee, the 2027 budget is in surplus, with revenues totaling €21.7 million and the Deputy Ministry’s expenditures at €18.2 million. She also stated that implementation expenditures aimed at strengthening competitiveness and improving the quality of the Cypriot shipping register amount to €2.4 million.
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In remarks following the session, the Deputy Minister noted that the Deputy Ministry’s budget for 2027 is in surplus, reflecting a steadfast commitment to further strengthening the Cypriot shipping industry, to the development of the shipping ecosystem, and to maintaining Cyprus’s competitiveness as an international shipping center.
“The steady upward trend of the Cyprus Ship Register over the past three years confirms that Cyprus remains a reliable and competitive shipping destination,” the Minister stated.
She also noted that from September 2023 to the present, the capacity of the Cyprus Ship Register fleet—which flies the Cypriot flag—has increased by approximately 27%, “a fact that reflects the international shipping community’s confidence in our country,” while the Deputy Ministry’s revenues have increased by 17.5% over the past three years.
He also noted that since the beginning of 2026, 119 new ships, with a total deadweight tonnage of over 2.4 million metric tons, have been registered in the Cypriot ship registry, while since September 2023, the capacity of the Cypriot-flagged fleet has increased by approximately 27%.
Regarding revenue from the tonnage tax, Ms. Hatzimanoli noted that during the 2025 tax year, revenue increased by 8.92% compared to the 2024 tax year.
The vision and ongoing goal of the Deputy Ministry is to make Cyprus a significant and strong player in shaping maritime policy and an attractive maritime hub.
Speaking about the Cyprus-Greece passenger ferry service, which is in effect through 2027, she noted that the goal is to continue it, and a relevant proposal will be submitted to the Council of Ministers.
Regarding cruise tourism, the Deputy Minister stated that the goal is to submit the National Strategy for Cruise Tourism to the Council of Ministers before the end of 2026.
It should also be noted that an amount of €1,315,430 from the budget is earmarked for the efficient and effective operation of the Deputy Ministry of Shipping, with the Deputy Minister noting that the digitization of the Deputy Ministry’s services is progressing and will be completed by 2027, as only two services remain pending.
Regarding shipping offices abroad, a total of €793,430 is being spent, and she made special mention of Cyprus’s presence in markets such as Korea, China, and Japan, noting the need for the country to have a physical presence there. As Ms. Hatzimanoli stated before the committee, the Deputy Ministry is currently exploring other ways to address this need, either through the secondment of a Deputy Ministry official or through a contract.
Source: CNA
