Deputy Minister for Shipping Marina Hadjimanolis has said that the aim of the Ministry is for Cyprus to have a positive influence on global maritime events and be a strong protagonist in shaping maritime policies.
Hadjimanolis, who presented the Deputy Ministry's budget before the House of Representatives' Finance Committee on 2 November, said that from September 2023 to date the capacity of the Cyprus Registry has increased by approximately 27%.
Referring to the Deputy Ministry's budget for 2027, she noted that it is in surplus, with revenue amounting to €21.7 million, while expenditure amounts to €18.2 million.
In addition, the implementation costs for enhancing the competitiveness and improving the quality of the Cyprus Registry amount to €2.4 million, she said.
“The steady upward trend of the Cyprus Registry over the last three years confirms that Cyprus remains a reliable and competitive shipping destination,” the Deputy Minister said.
Moreover, Hadjimanolis noted that since September 2023 the tonnage of the Cyprus Registry, the Cypriot flag, has increased by approximately 27%.
This, she went on to say, “reflects the confidence of the international shipping community in our country.”
She added that the Ministry’s revenue has increased by 17.5% over the last three years.
Regarding the number of vessels, Hadjimanolis said that since the beginning of 2026, 119 new ships, with a total gross tonnage of over 2.4 million tons, have been registered in the Cyprus Registry, while since September 2023, the tonnage of the Cyprus flag fleet has increased by approximately 27%.
The Deputy Minister also talked about an increase in revenue from tonnage tax.
She noted that in the fiscal year 2025, an increase in revenue from tonnage tax of 8.92% was recorded compared to the fiscal year 2024.
Concluding, she said that the vision and ongoing goal of the Deputy Ministry is to make Cyprus an important and strong protagonist in the formulation of maritime policy as well as an attractive maritime centre.
(Source: CNA)
